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Shrewd Rich People Demonstrate Strategic Real Estate Maneuvers for Deadbeat Poor People

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Remember that guy from CNBC? No, the white one. Haha, I'm kidding. But seriously, remember that guy that started the whole tea bagging thing? The one who was really pissed off at those deadbeat poor people who RUINED THIS COUNTRY, what with their not being able to afford their mortgage payments and their being poor and not having any money?

Well, this is interesting. Turns out it's not the deadbeat poor people whose mortgages we're being forced to subsidize, but deadbeat rich people! It's true.

"Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population," says the New York Times.

Why? Because they are losers, says that CNBC tea bagger guy. Losers! But wait. Aren't these losers the same people the CNBC guy says "might have a chance to actually prosper down the road"? Aren't they the ones who purportedly "carry the water," as opposed to those who merely "drink the water"? This is America! How many of you people want to pay for your rich neighbors' mortgage that has an extra bathroom and won't pay their bills?

I guess the irony here is that while that tea bagger guy is very mad about the government trying to prevent mass foreclosures by poor people who bought (or were sold) more houses than they could afford, the rich are apparently busy dumping houses they actually can afford in far greater proportion... just because they can. It's a shred real estate maneuver, you understand.

And therein lies the key difference. When poor people default on mortgages it's because they are either dumb people who didn't understand they couldn't afford to pay for their mortgages, or deadbeats who, as the tea bag party founder states, are losers. When rich people default on their mortgages, it's because they are shrewd investors merely taking advantage of all legal means available to them in order to preserve wealth. After all, doesn't wealth preservation and "strategic defaulter" have a much nicer ring to it than "impoverished deadbeat"?

Oh, the New York Times also has charts.
POSITION:  No positions in stocks mentioned.