Lowell Deeds

The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell

January 6, 2009

The Global Crisis Explained

by @ 4:13 pm. Filed under Current Events, History

Michael Lewis, author of such notable works of nonfiction as Moneyball and Liars Poker, co-authored a lengthy oped piece in the New York Times this weekend. Lewis is masterful in explaining complex subjects in a way that makes them easy to understand, but even his attempt to help us comprehend the causes of the present financial crisis require several readings before things begin to sink in. One notable suggestion Lewis makes is that instead of paying $700 billion to banks that will probably use the money in ways that will not benefit the great majority of our citizens. Instead, Lewis advocates using the money to help average homeowners refinance into mortgages that more closely resemble the current value of their homes. Right now, far too many homeowners owe more on their existing mortgages than their houses are worth, depriving them of the ability to sell or refinance. Mitigating this problem is almost a precondition to any recovery. Here’s the Lewis story.

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