House is paid off. Booyah, they can't take away what you own, as long as you pay your taxes. See Washington township NJ for reference....

We'll see. I remember when people didn't retire, they worked until they died, maybe this philosophy will reignite in society. Pay cash, buy what you can afford--not what you dream, want. Lowered expectations rule!

“The way to make money is to buy when blood is running in the streets.”
-John D. Rockefeller

That has been attributed to Nathan Rothschild in 1815. ("I invest only when I hear the sound of cannon fire and see blood running in the streets. I sell when I hear the sound of the violins.")

Booyah, they can't take away what you own, as long as you pay your taxes.

Might those taxes rise as other tax revenues shrink in a declining economy?

"Might those taxes rise as other tax revenues shrink in a declining economy? "

Possibly, but it is a lot easier to cobble together $3000-$4000 than $112,000. Just make sure you pay your taxes. Washington Township NJ down in SJ will take your property if you are behind in your taxes.

WASHINGTON TWP. — Members of township council are expected to vote next week on an accelerated tax sale meant to balance the municipal budget -- but they won't do so happily.
The tax sale, if approved, would take place on Dec. 23, officials said.

"Nice Christmas present," Councilwoman Anita LaPierre lamented at a workshop meeting Wednesday.

"We'll be Snidely Whiplash," Councilman Albert Frattali said of the sale, which would require landowners to pay all 2008 property taxes by year-end, where they previously could have waited until June.

People who remain behind on payments would face tax liens and the possibility of foreclosure after six months, said Nick Petroni, the township auditor.

But council members, who had long resisted Mayor Paul Moriarty's proposal for an accelerated sale, indicated they saw no alternative after state officials blocked a previous bid to balance the 2008 budget.

Interesting foreshadow

http://query.nytimes.com/gst/fullpage.ht...&pagewanted=all

(Take note of the publish date)

Two key points:





This is why I cringe every time I hear the democrats scream that lack of regulation was part of the cause. Not that I don’t agree with that, but its like they are hoping that most average Americans have forgotten the past of even just 10 years ago. I remember quite well the Clintons initiatives in making home mortgages available to everyone (even if they should not have one for financial reasons) Certainly the republicans have done no better in seeing all this unfold and just standing by.

Bush didn't even make a trip to Capitol Hill. Yes, he's the lamest of lame ducks.

Here's another scathing Tom Friedman assessment by Matt Taibbi. Makes many of the same points at greater length, and fun to read.

As far as the bailout goes, Joe Nocera at the NY Times says today that Paulson had it right the first time with the original TARP plan: buying the bad (or unknown) assets so that banks would have confidence in their balance sheets, freeing them to lend again and encouraging private money to return to the banks.