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Bingo! If ALL Mtg's were Full Recourse loans, very few would default.

I've read more than one article about this. Federal Bktcy and State Dist. judges are seriously denying "repo's" to Mtg holders who can't produce the original paperwork, and, as it turns out, many Mtg. Co's and Banks simply can't find the original documents. Sticky wicket, eh?

Oh no, Sir, they aren't stuck paying anything. They'll just laugh when the bill collectors call, and hang up. Many will just run up every card they have with cash advances and buying food. CC companies can file suit in state district courts all day against people with no money. Good luck...

When the takers outnumber the producers, what ya get is California. USA is next. Catastrophic debt. Our death warrant was signed last Tuesday in Colorado.

Big Money said ""But if they took a moment to think about what is really going on they would probably come to many of the same conclusions of me and many others."" Critical thinking is almost dead. As is the USA.

Baby Daddy givin Baby Momma MONEY? Where is THIS happening?

I very much agree, but think you left out a taxable category. Our assets. Houses, boats, motorcycles, cars, guns, stamp collections..etc.

Maybe Dow @ 30.

Just the ones that matter. Banks won't be the only things becoming "Nationalized".

http://www.cnbc.com/id/15840232?video=1039849853 Rick calls for a new "Tea Party", and Wilbur asks "What if we all just stopped paying our mortgages?" Go get em Rick! He's all over www.Drudgereport.com in big red letters!

A Transaction Tax won't matter much after our assets are taxed. Cars, houses, boats, guns, stamp/coin collections...etc etc. Or when every account we have at every bank is confiscated to pay off da Gubmints debt.

As one who admits his ignorance of economics, I've looked at the big picture and it's telling me this: Collectively, "we" aren't wrong in our understanding of the monetary system, but our information is incomplete. There are forces at work that we have no concept of, let alone specific knowledge.

www.shadowtrader.net $20 a month.

I fear you are right.

I voted "NO". They're just doing their masters' bidding.

Not Icelandic lawyers...maybe European or American.

I know how ya feel. 359 Kidnappings in Phoenix,AZ last year due to Mexican Drug Cartels. Some don't believe me. http://www.kpho.com/news/16888051/detail.html wow..link dead...they yanked it!:confused: :eek...

I don't see the USA getting out from under this crushing debt in the next 100 years. :(

Sadly, quite the contrary. When the Dems are thru giving $$ to everyone who doesn't work, then those on the receiving end are the new voter base. If you don't think the Dems will bankrupt us for 100s of years to achieve their ends, think again. (I don't care for Reps either!)

Keep that crossbow close at hand!:D Who'd a thunk that Iceland would be the canary in the mine?