We're All Subprime Now (Musical Tribute)

I just want to say that it is now official, at least for Washington State.

1% property tax cap restored
"The 1 percent cap is lower than the rate of inflation."

How is that supposed to work long-term? But that's not all that passed. Check out the deferral.

The rancorous debate on the tax-deferral issue extended the session for several hours. Democrats rejected numerous amendments to the bill offered in both the House and the Senate, including one that would have simply required disclosure to homeowners that they would be charged a variable interest rate on their deferred taxes.

Since reading the fine print has never been more important, it was therefore decided the fine print should be missing.

"This will enable young families to further put themselves in a credit crisis" when it comes time to pay back taxes to the state with adjustable-rate interest, he said.

"What we're doing is enabling them to incur more debt," Zarelli said.

I agree. Congratulations to Tanta at Calculated Risk for not only spotting the trend early, but for naming the trend properly. We're all subprime now.

While I may not agree with everything in the following video, I can say that America does need a wake-up call.



This was based loosely on Network, a 1976 movie.



See Also:
Calculated Risk: We're All Subprime Now