Thoughts, essays, and writings on Liberty. Written by the heirs of Patrick Henry.

“The advancement and diffusion of knowledge is the only guardian of true liberty.”     James Madison

August 17, 2010

Quote Of The Day

by Brad Warbiany

From the Irvine Housing Blog:

Borrowers who took out enormous loans during the housing bubble never intended to repay these loans from their wage income, they always intended to pass this debt to some else. Somewhere along the way this subtle paradigm shift took place. It seems very reasonable that one could merely service debt for a while and resell the property to someone else and pay off the debt then. Like any Ponzi Scheme, it works until there is no greater fool to come along and assume the debt.

Enter the government! Biggest fool of them all!

TrackBack URI: http://www.thelibertypapers.org/2010/08/17/quote-of-the-day-162/trackback/
Read more posts from
• • •

1 Comment

  1. Beautifully put.

    Comment by Akston — August 17, 2010 @ 9:30 am

Comments RSS

Subscribe without commenting

Sorry, the comment form is closed at this time.

Powered by: WordPress • Template by: Eric • Banner #1, #3, #4 by Stephen Macklin • Banner #2 by Mark RaynerXML