By chance I happened to do my dissertation on property theory. To simplify greatly I discovered that our property does not consist of things that we own, but rather legal rights, powers, duties, and liabilities that we possess. A renter, for example, may ‘own’ very different ‘property’ rights to an apartment, depending upon the legal protections that governments have provided, e.g. versus eviction and rent increases, proper maintenance of the apartment, etc., etc.

What we have seen since the Reagan administration is devastating sabotage of such governmental protections. The bottom line today is that we may be facing a serious recession (depression) due to the runaway sub-prime mortgage sellers who have gained greatly while leaving their victims prone to eviction with scarcely understood legal penalties and increases in rents which are also impacting our markets and economy generally — and thus the rest of us.

I shall try to do brief breakdowns of such things in this context and welcome any and all to join in the lessons that we all should be learning before it is too late.

You may view the group site at:

http://groups.yahoo.com/group/OurStupidEconomy

where you will find subscription details if you are interested in getting regular postings.

OurStupidEconomy-subscribe@yahoogroups.com

Shall try to offer approximately one example per day when time permits.

Best, Ed Kent

“A war is just if there is no alternative, and the resort to arms is legitimate if they represent your last hope.” (Livy cited by Machiavelli)

Ed Kent 212-665-8535 (voice mail only) [blind copies]
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