Greg Mankiw's Blog: Plan B

Greg Mankiw's Blog: Plan B

This is interesting idea. Mortgage meaning “dead pledge” at common law mortgage is conveyance, or whatever it pay as you go and discharge your obligation. But of course it is unique situation at the moment in the American if the housing market booming again is this would be no problems?

Anyway people who lives and born into city they don’t have the deep sense of the “land” yes it can be anything; street or your running track or river bench spot or MacDonald stores or phone boots. But people like me who born into an old generation who owns land ancient generation. Land means more then just mere property; right to possess or mortgageble security or right to whatever. It is ingrained into our soul, profound sentiment and spiritual attachment for our forbears and our soil(this also very abstract idea to city people I think). It is not disposable, Not-sale, how could you sell your forbear burial ground unless extreme circumstance. Ironically in America most of mortgage owner’s city dwellers probably. Wonder they would have same kind of attachment of their property as my attachments to our land or property? Evidence of people' reaction, it uncharted ocean deep feelings of rancor or resentment or whatever we would call it. Interesting been thinking in this way. ownership and security etc... sometimes this abstract form helps people can get thought their worst because they don’t feel much because it is abstract.