At some point, people are going to get tired of being punished for success and doing the right thing while others are rewarded for failure. I remember a couple years ago, when the financial crisis had first hit, and my next-door neighbor commented that he’d done what he was supposed to do, but he was paying for the mortgages of people who hadn’t. This is not sustainable.
19 thoughts on “The Coming Middle-Class Anarchy”
From the article…Not even a police-state with an armed Marine at every corner with Shoot-to-Kill orders can stop such middle-class anarchy.
As much as I pray that this scenario never occurs, I wonder even if it could occur…our armed forces are loyal to the Constitution, not any elected leader. An attempt to impose some kind of martial law on the core of society may backfire.
Anything that cannot go on forever, won’t.
But there are two end games. The question is whether the Tea Party (and whatever Republicand and Democrats are afraid enough to play ball) can restore justice to the system before there’s a permanent cultural shift for the extra-legal.
Suddenly the President’s sympathies for Indonesian village markets become obviously what it is – a goal. He’s trying very hard to make the USA into Indonesia, and if Brian and Ilsa are any guide, is making substantial progress.
That was an interesting blog post. It is not often we get an insight into what is actually happening with these programs.
Even more interesting was this article…
My wife grew up in the Philippines and was a young adult when Marcos became a dictator. She’s told me how corrupt every level of society was from Marcos on down. No one had any faith in the government or businesses because corruption was everywhere.
I’m beginning to wonder just how close to this level of corruption we are here in America. It’s beginning to look like we’re reaching a dangerous tipping point. If a substancial percentage of Americans come to the conclusion that obeying the rules is for chumps, then our country is finished. If something can’t go on forever, it won’t. Something tells me This Isn’t Going to End Well (TIGTEW).
Paul, that is bizarre. What’s being claimed here is that a significant portion of US mortgages (in the form of mortgage backed securities) simply are legally invalid because someone didn’t bother to preserve the “chain of title” (documentation that proves the debt holder should be paying you). The neglect necessary to make that happen is astounding.
Oh, enough Gotterdammerung. Stand tall, folks. We’re Americans. We’ve never accepted the world-weary cynicism of Europe, and I don’t see any reason to start now.
In three weeks we will punish the Democrats well and thoroughly for their arrogance. Nancy Pelosi will retire to Baghdad by the Bay and spend her days givng commencement speeches to second-rate colleges. Harry Reid will write a book that sells 500 copies. A new Republican Congress will extend the Bush tax cuts, and a fearful barely Democratic Senate will go along. (Whether or not Barry signs it or vetos it will, in essence, provide the long-anticipated answer to the question of whether he really cares about being re-elected.)
But in any event the new Congress will put a firm stop to the worst of the Zombie Democrats — raised from their death in 1978 — and renew confidence among business and entrepreneurs, so things will pick up next year. Obama himself will either triangulate, if he is smart enough to learn how, and be re-elected, or he will double down and be defeated, perhaps even within his own party as young sensible Democrats come to realize their aging leadership is steering the party straight onto the rocks as effectively as when they were still defenders of slavery.
Meanwhile, the core American party of no particular name — those who love liberty and enterprise and plain sensible talk — will continue to thrive and grow, even if mostly outside the tunnel vision of the dying legacy media. It will continue to nurture dynamic and crisp-spoken executives, men like Chris Christie, women like Michele Bachmann, as well as witty and perceptive comentators — Rush Limbaugh, Sarah Palin — folks who have trumphed over the thousand palsiated hands of mediocrity and envy trying to drag them down. We’ll elect the former and laugh along with the latter, and it will be morning in America again.
Let us not forget the fundamental exceptionalism of this country: almost everyone here is genetically descended from an immigrant, someone who fought and struggled to get to the land of the free and the home of the brave. We are still the last best hope of man, the pool where collect those elsewhere who yearn to breathe free. Don’t be discouraged by the fatheads in the spotlight — their days are numbered.
Exactly right, Karl
The Michael Lewis book “The Big Short” tells part one of the melt down
Failure to document those mortgages and competed foreclosures that relied upon forged documents is the second shoe dropping.
But as a note to everyone, the key events all happened BEFORE Barack Obama was elected President. This is a slow time release FUBAR melt down.
Paul Breed beat me to it with his link.
Karl Denninger at the Market Ticker has been screaming bloody murder about this for about three years. Read his tickers over the past couple of weeks. This thing is coming to a head now.
“But as a note to everyone, the key events all happened BEFORE Barack Obama was elected President. This is a slow time release FUBAR melt down.”
A note to everyone, Bill White is a BIG Obama supporter.
Since the people I’ve seen criticizing the President are using things he’s actually done, why would you need to write that?
April 15th has the potential to be a very interesting day.
As an aside, this is standard game theory, namely, the Prisoners’ Dilemma. For many activities in society we have a choice between cooperating with others, at some direct cost to ourselves, or defecting, frequently a modest benefit to us which comes at substantial cost to others. One of the goals of a society is to change the cost and benefits of these choices so that people chose to cooperate rather than defect.
Fixing cases of the Prisoners’ Dilemma is one of the fundamental problems of any society. Crime, corruption, pollution, and of course defaulting on debts are all examples of bad outcomes.
My view is that there are two choices for why a blatant reward for defection is present here. First, that the people in charge don’t have a clue. Second, that there is a grander defection going down. I know a lot of people here already believe the latter is the case (often with a heaping helping of the former).
Carl, forget doing your own blog, when are you running for president?
I just emailed that oozing herpes post (did he have to?) to my ex… perhaps she’ll get her property back? Those trying to make the illegal, legal after the fact, should be given medieval torture for as prolonged a period as possible in the public square until dead (and I’m being much too easy on them.)
The second update of the primary link has the profound point. How can so many people have so little empathy for a couple trying to do the right thing. It’s absolutely astounding. These are the people, lacking in adult perspective, that are voting us our leaders. These really are the end times.
“These are the people, lacking in adult perspective, that are voting us our leaders. ”
This is part of the problem right here. The people you’re all voting for are not your leaders — they are your representatives. They work for you, not the other way around. Don’t let them forget it either.
My point exactly, they don’t represent us, they represent themselves. Isn’t it curious how widespread republicans support democrats and RINOs or anybody else over someone that wants to limit the size of government?
This may not be some spy thriller, but the pattern of anti-americans holding office is everywhere.
Before anybody says it, not supporting the constitution makes you anti-american no matter how patriotic you claim to be.
I have little doubt that legal standards are going to be relaxed for establishing the provenance of mortgages (and therefore, of foreclosures). The alternatives are just too disastrous.
I’m afraid you’re right, but then ownership becomes who has the most clout. Yeah, that’s how you want a society run. I prefer the disastrous alternative.
A rancher friend of mine had several miles on the Missouri river taken from him by BLM saying he had first option if they didn’t use it. It was giving to the local indian tribe and he never got it back. I’m sure his cattle didn’t mind not having water.
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