You won't hear any complaints about this jobless economy in the corporate mass media of course, because it is part of the apparatus and designed to motivate participants in the low-interest casino from which the insiders can reap obscene profits in exchange for very little value. For consuming units with bad attitudes do not play at the tables. Perpetual mortgage refiance is just one example of the financial "churn" that produces little except syphon fees from underwater mortgagees into the pockets of the real estate brokers, appraisers, and title companies. Gone are the days when a homeowner bought a home with a fixed rate thirty-year mortgage, lived in it, and paid off the mortgage before he died.
Wednesday, April 02, 2014
COTW: The Economy on FIRE
No, not a real recovery but the ersatz economy created by the financial thieves on Wall Street which depends on finance, insurance, and real estate as substitutes for actual production of goods and services. The FIRE sector now accounts for about 22% of the nation's output:
You won't hear any complaints about this jobless economy in the corporate mass media of course, because it is part of the apparatus and designed to motivate participants in the low-interest casino from which the insiders can reap obscene profits in exchange for very little value. For consuming units with bad attitudes do not play at the tables. Perpetual mortgage refiance is just one example of the financial "churn" that produces little except syphon fees from underwater mortgagees into the pockets of the real estate brokers, appraisers, and title companies. Gone are the days when a homeowner bought a home with a fixed rate thirty-year mortgage, lived in it, and paid off the mortgage before he died.
You won't hear any complaints about this jobless economy in the corporate mass media of course, because it is part of the apparatus and designed to motivate participants in the low-interest casino from which the insiders can reap obscene profits in exchange for very little value. For consuming units with bad attitudes do not play at the tables. Perpetual mortgage refiance is just one example of the financial "churn" that produces little except syphon fees from underwater mortgagees into the pockets of the real estate brokers, appraisers, and title companies. Gone are the days when a homeowner bought a home with a fixed rate thirty-year mortgage, lived in it, and paid off the mortgage before he died.