Monday, November 17, 2008 at 5:08 AM

California burning … again

Posted by Anthony L. Hall

….no region has been more affected by the synergistic fallout from plummeting real estate values and subprime mortgages [than California]. But these ‘apocalyptic’ fires might be a godsend for hundreds, if not thousands, of homeowners – who were facing imminent foreclosure on their McMansions. Because they can simply walk away from the charred remains and blame force majeure (i.e., an act of God) for not paying another red cent!

[California’s fiery Katrina, The iPINIONS Journal, October 25, 2007]

Well, it’s deja vu all over again – as apocalyptic fires have returned to California.

No doubt you’ve heard about celebrities like Oprah Winfrey watching helplessly as temperamental fires threatened to destroy their homes in the wealthy California enclave of Montecito.

But it is worth noting that the vast majority of the more than 800 homes that have already been destroyed belong to ordinary people in far less affluent neighborhoods.

We have never lost in recent times anything close to this number [of homes]. (Los Angeles Mayor Antonio Villaraigosa)

Therefore, whatever indifference (or schadenfreude) it evokes in you to watch obscenely rich folks lose some of their material possessions, please bear in mind that it’s relatively poor folks who are losing everything they own….

My prayers are with all those who have been affected as well as those who remain in harm’s way….

Related Articles:
California’s fiery Katrina

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