Repo Economy

Posted by Brian Fri, 31 Oct 2008 02:00:47 GMT

The next economy will be the Repo economy when, for example, amazing numbers of “Ditech 125 percent Dream Loans” will be labeled nonperforming and seedy-looking men armed with repossession notices show up in the circular driveways of the defaulted-upon chipboard-and-vinyl McMansions in places like Cherokee County, Georgia, to change the locks on the putative collateral. I see this unwinding of credit and presumed wealth evolving into a tremendous political fight over the table scraps of the cheap-oil economy and the dubious material artifacts it produced, pitting neighbor against neighbor, group against group, and region against region.

-James Howard Kunstler The City In Mind

The City In Mind was published in 2001, long before the current housing and credit meltdown occurred. Kunstler gets ripped as just some paranoid, angry liberal a lot by those who choose to reject the shift in worldview his writing requires, but there is no doubt that his warnings are coming to fruition.

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