More Fallout

@zeldman We stayed in this neighborhood so our daughter could attend the best public school in NYC. She may not get in, now. Laid-off Wall Streeters, no longer able to pay for private school, are flooding the public school spots.

@zappos:  About to speak at NPS conference.  Current speaker quipped re: stock market:  “Flat is the new up.”

Sign of the times

Urban Word of the Day

March 18, 2008: jingle mail

Jingle mail is the package containing the keys to your house that you send back to the bank when the interest rate on your adjustable-rate or IO/neg-am mortgage resets, or the property tax bill gets reassessed at double what it was two years ago, or you find out that heating and AC and repairs cost a ton of freaking money, or you lose your job because of the recession that’s coming with the housing crash, and you can’t make the payments any more.

My neighbor put up the Escalade and the Beemer that he bought with his third HELOC for sale, and has been having garage sales every week for the last month to raise cash … I give it about 90 days till he sends in the jingle mail.