Browsing the blog archivesfor the day Tuesday, August 18th, 2009.


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Bankruptcy signs of the times

Debt & society

The news is usually a source of ideas for the Soapbox, second only to clients.  The news this month echos all too familiar themes.

  • Notices of foreclosure sales must be single handedly supporting my local newspaper, the Mercury News.
  • AP and the NYTimes write with amazement that mortgage loan modifications aren’t happening.
  • The Mortgage Bankers write letters to the editors opposing a bankruptcy solution to the housing debacle.

Meanwhile, the average income of people through my door  has to have increased $75K a year in the past four months.  Bankruptcy now looks good to people making well over $200,000 a year.

The formerly well to do are following more and more long established small businesses that have hit a wall.

The news tells us the recession is ending;  if that’s so, the casualties will persist long after  the economy is supposedly recovered.

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