Marking the bottom? (he asks hopefully)

my favorite part of this piece was the couple who bought the little rancher and we're complaining that the homes value had gone down and that they shouldn't have to pay the mortgage if the value declines, they should only pay if it increases. this type of attitude which i fear is pretty widespread gives credence to the "moral hazard" concept argument that these people shouldn't be bailed out. alternatively more hazard or not it's not in the interest of this countries economy to have mass amounts of homes in foreclosure. Maybe a price decline hedging product makes sense, i know there is one which was being tested in Syracuse NY, don't know what ever came of it, it was like title insurance but insures against price declines. /moishe mortyandmoishe.blogspot.com

Can you say "late to the party"? Nice journalism 60 minutes.

I blogged about how late 60 minutes is on this story over at Plunge Protection Team:

http://www.plungeprotectionteam.com/2008/1/28/quot-60-minutes-quot-three-years-too-late-with-quot-hard-hitting-quot-investigative-journalism