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"Two cords of wood"

At Yves's place, Thomas Cox:

Back in September, I was asked to give some unusual advice to a client. This woman, a resident of rural Northwestern Maine, wanted to know if she should buy the two cords of wood that she needed to heat her $48,000 home for the winter. ... I had to tell my client that she should not buy the firewood, as I knew that [KeyBank] was planning an eviction within days.

Two cords of wood is around $200. That's life at the margins at Maine.

That Versailles, both legacy parties, our wonderful Democrat Party, our wonderful Democrat President, Barack Obama, our wonderful Republican Senators, Susan Collins and Olympia Snowe, and our wonderful Democrat Representative, Mike Michaud, did nothing to help this woman -- in fact, through HAMP and by making the big banks bigger, made her situation worse -- is shameful and disgusting. And evil. All of them, every single one of them, individually and severally, are responsible.

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gizzardboy's picture
Submitted by gizzardboy on

I went over to Naked Capitalism and read the whole story. Everybody should. The banks only considers the bottom line and as in this case, not even that very well. They hope to re-sell the house for $40,000 (less selling costs). What if the house somehow magically had everything of possible value stripped out of it? Would it be worth $20,000? Someone would buy it and and buy all the replacement items (good for the economy) and pay local folks to put all that missing stuff back in place (good for the economy). And the magic fairies that made all that stuff disappear would have things like scrap copper to sell and good prices on used fixtures. The banks would learn to think twice about foreclosures. This would be a win - win - win situation for anybody I might care about.