Charting 2010, Part 3: Fraudclosure, Halted Traffic, An America Divided: A World Stuck In Its Tracks
by Tyler Durden
Continuing with the key words to describe 2010’s New Normal, promptly after “Jobs” (and the lack thereof) and “Currency” (it is a very fitting metaphor that recently terrorism takes place in the form of weaponized printer cartridges), the 3rd one that should come to mind is “Stuck” – as in the quicksand the economy has found itself, whereby it sinks with every second there is no fiscal and monetary stimulus, and all other primary aspects of the new normal that are going nowhere fast. One of the better illustrations of this newly-found immobility has to do with the Fraudclosure scandal that sizzled in October and November, then fizzled as the banks and the media have done everything in their power to keep it out of sight and out of mind. And Stuck describes far more than just a state of pervasive mortgage insolvency (and bank undercapitalization): it has become a state of mind, whereby the entire nation is seemingly permanently divided on virtually all key issues. We review some of the more salient ‘adhesive’ trends in the past year.
Probably nowhere is the fraudclosure scandal better encapsulated than in the case study of the Ernie and Teri Hassell. BusinessWeek’s Devin Leonard summarizes how their life has recently gotten stuck in fraudclosure limbo hell, and how they are coping: