Friday, July 9, 2010

Only Suckers Pay Their Mortgage

Here’s an interesting bit of news.

The housing bust that began among the working class in remote subdivisions and quickly progressed to the suburban middle class is striking the upper class in privileged enclaves like this one in Silicon Valley.

Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population.

Gee, I guess all those tax cuts they got under President Bush just weren’t enough.