Word: resets
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...foreclosure cases we now see in the office are no longer the people who got connived into taking inappropriate mortgages—mortgages that encouraged the buyer to pay only interest and not build equity in the house, or that would reset in 2 years and double their payments. These days, the typical homeowner facing foreclosure seems more likely to have simply lost a job—in a steel plant or a bank or as an auto-mechanic—and fallen behind on payments...
...badly we respond as individuals and a society to those cyclical shifts - such as the big one we're experiencing now - is up to us. Both my middle-aged sense of history and hardwired American hopefulness make me more optimistic than pessimistic - but just barely - about the present reset. I suppose it wouldn't be a catastrophe if my children, when they reach middle age, are living in an America that has become a supersized Britain. But I'd prefer to think of them growing old in a country that's still unequivocally great and grand. And the choices...
...Read Kurt Andersen's RESET blog on TIME.com...
Read the second, third, and fourth excerpts from Reset...
...Click here to purchase a copy of Reset: How This Crisis Can Restore Our Values and Renew America...