Economists, Obama administration at odds over role of mortgage debt in recovery - The Washington Post

Economists, Obama administration at odds over role of mortgage debt in recovery - The Washington Post

“No one was in doubt that debt overhangs were an important problem,” Summers said recently at a conference. But despite exploring many proposals, the administration did not see a plan that did not have the potential to cause “effects worse than the cure,” he said, such as cratering the financial system by forcing banks to absorb huge losses.
At a more basic level, officials simply did not believe that a big program of debt forgiveness was a smart investment, costing hundreds of billions of dollars — money that it preferred to spend on a massive economic stimulus package that could much more quickly lift the economy. The administration also announced a more modest program designed to avert foreclosures by reducing mortgage payments but not the total debt balance.
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The underlying policy issue here is whether it's good policy and precedent to erase debt that fueled an asset bubble, in this case residential real estate. I don't believe it is.  People all too easily forget the beating the economy takes when debt driven asset bubbles pop.  The debt overhang is a harsh consequence but a necessary market object lesson for both lenders and borrowers. 

Road built around building as couple refuse to move in China | Mail Online

Road built around building as couple refuse to move in China | Mail Online
This is the definition of stubborn.

Decorated vet stands his ground in dispute over American flag

Decorated vet stands his ground in dispute over American flag: SEVIERVILLE (WATE) - The deadline has passed for a retired Army sergeant to remove the American flag and flag pole from his front yard at a Sevierville condominium community.

The sergeant, Homer Hampton, has refused to obey the association's order.

"Good Lord willing, it's going to stay up," said Hampton "As long as I'm living, I will fight this thing."

The deadline for Hampton to remove the flag pole and lights from in front of his condo unit has come and gone.
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HOA flag flap No. 436,860. And more bad press for Privatopia. Film at 10.