This Wall Street Journal story is pretty scary. The gist is that one in five Americans owes more in principal on their mortgage than their house is worth. One in five?!? And that number is likely to grow.
You know, the lefty economist Dean Baker, of the Center for Economic Policy and Research, predicted this mess six or so years ago but no one was listening.
Author: hankkalet
Hank Kalet is a poet and freelance journalist. He is the economic needs reporter for NJ Spotlight, teaches journalism at Rutgers University and writing at Middlesex County College and Brookdale Community College. He writes a semi-monthly column for the Progressive Populist. He is a lifelong fan of the New York Mets and New York Knicks, drinks too much coffee and attends as many Bruce Springsteen concerts as his meager finances will allow. He lives in South Brunswick with his wife Annie.
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Hank Kalet 