Monday, October 1, 2007
But Debt Lasts All Night
Kelly's post about the gilded web of death and taxes prompted me to make a pitch for my livelihood and passion: Debt. People die, and many are compelled to make a game of it, arranging their affairs so as to pass wealth to their heirs with the lowest possible tax effect. I like the bigger game. Debt. In the past two years, more than $300 billion in adjustable rate home mortgages have adjusted sharply upward, putting the big squeeze on more than 300 million Americans. Something's gotta give. If consumer bailouts don't ring your bell, there's plenty of action for the big boys and girls. Check out the Implode-o-Meter, a site that lists major financial institution failures arising from the collapse of the subprime lending market (161 and ticking). The collapse of these lenders and other players in the capital markets will generate a heap of litigation enough to share with the "non-bankruptcy" lawyers. Sure people die. And some want estate planning before they go. But we all feel the leverage. A career in insolvency is the ultimate hedge. For us, bad news is good news.