| May 12, 2011 10:34AM President Obama was on CBS this morning discussing the state of the U.S. economy. In the Q&A session Obama cited a weak housing market and high gasoline prices as the biggest "headwinds" to economic growth. Main Street is already aware of the unfriendly pressures exerted on consumer walles when food and energy costs rise, Wall Street on the other hand is just beginning to accept that observation as a legitimate threat aka "headwind". Further evidence of Main Street's margin squeeze was presented... May 12, 2011 2:06PM Until recently it was generally believed that only a small fraction of Americans would willingly choose to skip their monthly mortgage payment, aka "strategically default", when they found themselves stuck in a negative equity situation. The logic driving this belief was based on the notion that borrowers wouldn't want to damage their credit profile or deal with the social stigma surrounding a public foreclosure. The assumption that most underwater borrowers will continue making their monthly payments...
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