With Todd Vachon in Connecticut
By Joe Bageant
A couple of weeks ago I spent a few days of hard traveling back and forth across Connecticut's Second Congressional District. The Second District is not the Connecticut where Paul Newman lives and Katherine Hepburn is buried. The one with the marvelously tasteful old homes set against magnificent Yankee New England seascapes. It's the one where -- although quite pretty in its own right, with its small villages and winding roads -- the mills are closed, the housing bubble has popped and everyone fears what comes next. It is a place where good union men still stick together as best they can in the face of globalization, the sub prime collapse and a two-party system whose millionaire players are more married to the game than to the unheralded people who build their homes and make their world function every day.

Joe and Todd at WHUS

A friend in the mortgage business tells me he gets calls every day from
people who want their house repossessed -- people want to walk away from
those monster-bellums in which they have zero equity, thanks to the
interest only and zero down loans the industry pushed in an effort to
blow up the housing balloon for all it's worth. "Hell, I tell 'em to
sit tight, stay there, because we are six months behind in repos and
besides, we may be able to sell them on a negative amortization loan.
Let 'em pay what they can and we refi the difference. In other words,
their debt just gets bigger as they pay, but they stay in their houses
and their kids stay in the same schools."