The best line from this Cincinnati Post article sums it up:
A final nightmare scenario: A federal bailout of the mortgage market is likely if housing crashes, the center predicts. So, if corporate pension funds continue to falter and this dire prediction does come true, the Feds could conceivably be holding your mortgage and your pension.
However, we're all assuming the government to rush in and save everything. But has anyone seen our checking account lately?
Isn't George Bush an MBA? If so, any MBA (who went to class) would see that it's about time to start considering a bankruptcy filing. Especially to wipe the pension obligation from the books.
November 24, 2005
Posted by blogger at 11/24/2005