In response to:
Re. Spanish evictions: I wrote a scenario a few years ago. Mass failure to pay mortgages or other debt leads to bank failures. Bank failures in the old days meant depositors were wiped out, and lending stopped in the community. Bank failures in more recent days meant the FDIC had to make mass payments to depositors. Lending still stopped. Such mass FDIC payments would cause the FDIC to fail. Congress would have to enact a bailout. From this point on it's anyone's guess, except that borrowing would be hard to come by, and probably have a political component.
- Quotes of the day Allahpundit 7 hours ago
- Teamsters appeal to “Top Chef” for employment by threatening to bash in Padma Lakshmi’s face Mary Katharine Ham 7 hours ago
- Rick Perry: It’s entirely possible that ISIS has already crossed the southern border Allahpundit 9 hours ago
- “Today is a miraculous day”: Dr. Kent Brantly speaks after recovering from Ebola Allahpundit 9 hours ago
- YouGov poll: Most Americans, and most Democrats, do not wish Hillary had won in 2008 Allahpundit 10 hours ago
- Report: Obama’s Bergdahl swap violated the law Noah Rothman 11 hours ago