Its official. The house price collapse is now worse than it was
Last night on the news, they announced that the housing price collapse is now worse than it was during the Great Depression. Interesting that the taxpayers bail out the banks then the banks turn around and foreclose on the mortgages of the very people who bailed them out. It reminds me of a parable.
Matthew 18:23-35 (New International Version)
Therefore, the kingdom of heaven is like a king who wanted to settle accounts with his servants. As he began the settlement, a man who owed him ten thousand bags of gold[a] was brought to him.
Since he was not able to pay, the master ordered that he and his wife
and his children and all that he had be sold to repay the debt.
At this the servant fell on his knees before him. Be patient with me, he begged, and I will pay back everything. The servants master took pity on him, canceled the debt and let him go.
But when that servant went out, he found one of his fellow servants who owed him a hundred silver coins.[b] He grabbed him and began to choke him. Pay back what you owe me! he demanded.
His fellow servant fell to his knees and begged him, Be patient with me, and I will pay it back.
But he refused. Instead, he went off and had the man thrown into prison until he could pay the debt. When the other servants saw what had happened, they were outraged and went and told their master everything that had happened.
Then the master called the servant in. You wicked servant, he said,
I canceled all that debt of yours because you begged me to. Shouldnt you have had mercy on your fellow servant just as I had on you? In anger his master handed him over to the jailers to be tortured, until he should pay back all he owed.
This is how my heavenly Father will treat each of you unless you forgive your brother or sister from your heart.
Footnotes:Matthew 18:24 Greek ten thousand talents; a talent was worth about 20 years of a day laborers wages.Matthew 18:28 Greek a hundred denarii; a denarius was the usual daily wage of a day laborer (see 20:2).
Hmmm... maybe we should hand the bankers over to the jailers to be tortured until they give back the homes?