tag:blogger.com,1999:blog-4900303239154048192.post6092656106779732199..comments2024-03-06T06:34:42.881-05:00Comments on EconoSpeak: Chicago Economist Claims Homeowners Choose to Default on Their Mortgages And Quit Their JobsUnknownnoreply@blogger.comBlogger4125tag:blogger.com,1999:blog-4900303239154048192.post-27353248888966831392009-01-02T10:16:00.000-05:002009-01-02T10:16:00.000-05:00"I’m sorry – but Casey Mulligan is clearly writing..."I’m sorry – but Casey Mulligan is clearly writing from some ivory tower and needs to get out into the real world."<BR/><BR/>More and more I've come to believe that the U Chic econ dept should be forcibly terminated, and Chicago's endowment redistributed. <BR/><BR/>-BarryAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-16783197899007744552009-01-01T09:03:00.000-05:002009-01-01T09:03:00.000-05:00If we completely ignore the other benefits of work...If we completely ignore the other benefits of work, ie health care, 401k, money for food...<BR/><BR/>And I am not sure how his argument even agrees with itself...first he argues that people are being unemployed, and then he argues that they are accepting lower wage jobs to modify the mortgage...which is it? No jobs, or lower wage jobs?<BR/><BR/>If people were that savvy, they would have never wound up underwater in the first place<BR/><BR/>or they would just buy a new house at cheap prices, and then dump the old expensive house next door on the bank....<BR/><BR/>The funny thing is, workouts are in the best interest of banks and society, as foreclosure is a horrendous procedure for most families to go through and is VERY expensive for the bank...<BR/><BR/>This brings up the old adage, if you owe the bank 1 million you have a problem, but if you owe the bank 1 billion, the bank has a problem...Unknownhttps://www.blogger.com/profile/02240712515762276215noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-47830756610151153002008-12-31T19:52:00.000-05:002008-12-31T19:52:00.000-05:00The Sandwichman commented, on the Economix blog:"B...The Sandwichman commented, on the Economix blog:<BR/><BR/>"Bravo! This is a wonderful parody of the "assumptions" and "models" of the reality-challenged, math-savant economist! I'm surprised nobody else seems to get the joke."Sandwichmanhttps://www.blogger.com/profile/11159060882083015637noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-24509523903517371632008-12-31T18:32:00.000-05:002008-12-31T18:32:00.000-05:00You are being kind. Casey is in the business of d...You are being kind. Casey is in the business of doing exactly what the owner class needs done. He is a true neoclassical economist. Whatever it takes to protect the ownership class then that is what will be done. If it is necessary to use ones credentials to sell snake oil then so be it. After all, those credentials were created by a university that is endowed by owners. And that is why a good foundation of CLASSICAL economics and political understanding (civics?) needs to be created in the high schools.TheTruckerhttps://www.blogger.com/profile/10346127768102862741noreply@blogger.com