The government and the financial institutions have swallowed bigger frogs than that without as much as a hiccup. I don't know where they get the money. I guess it ends up in that figure with too many zeroes to count, the national debt, and the financial institution just charge the rest of the card holders with still higher interest rates.
Lenders have been awash in money and making all kinds of deals to make loans on houses, cars, and credit cards. I don't see New Orleans as a major deal. They probable have as many forclosures and defaults every year as N.O. would present.
This is true. Only this time we're talking about a couple hundred thousand pieces of depressed property all coming on the market at once, and no buyers in sight.
Smart people are fixing up and selling for what they can get.
The rest of them are just catching on to the fact that they're stuck with no Plan B.
Maybe you're right, maybe it's just a blip that won't mean anything except to the people it affects. I assume the Congressional Budget Office number crunchers are chewing through the numbers as we speak, and have their green eyeshades on and are scrutinzing the bottom line.
Because that's what we're really talking about here, the bottom line. All the yelling about "serves them right" is 2005's old news. It's a new year, out with the old, in with the new.