Ho hum.You say 'financial fraud', I say 'Home-Owner-Ism', it;s all facets of the same thing, isn;t it?
Some apply a label of fraud, others say home owner-ism.To Me:Lots of money appeared out of nowhere (bank credit inflation) and got assigned to a commodity. Later on, that commodity then was found to be worth a lot less so this money disappeared again (bank credit deflation).You could call this inflation and then deflation.I like Steve Keen.
nice data scheme.so it was the banks wot did it?re home-ownerism. am i culpable if i "only" have a 2x income mortgage with no intention to trade up/around?
I must admit Wadsworth's continued use of this odd term "home-owner-ism" provoked me into doing a google search. I have always thought owning a home was a good thing (why pay rent when you can enjoy an asset at the end of your mortgage?) yet the context of MW's use of the term is clearly one of deep opprobrium.Google found 245,000 items for "home-owner-ism", which surprised me. So I clicked on the first half dozen or so links (it's a slow work day today so I am enjoying a coffee break). To my astonishment, every single one was a link to Wadsworth! He must be a busy bugger to clock up 245,000 hits on google. But nowhere do I find a definition of this aethestically unpleasing neologism. Can anyone enlighten us?
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