Wednesday, May 28, 2008

The Blind Leading the Blind

The troubles of Congresswoman Laura Richardson have been making the rounds in the blogosphere lately. My favorite quote from the first termer from Long Beach was this:
"I am not financially wealthy," she said. "I am not a millionaire. - Based upon what I was going through, changing four jobs in less than one year, I think any American would understand what that does in terms of a person's financial stability."
If you aren't financially wealthy, why does she have a million dollars in real estate debt? We know she defaulted on a $535,000 loan on her Sacramento home and has an outstanding balance of $367,000 on her house in San Pedro that is going up for auction. Since she also extracted $100,000 in equity from her Long Beach home during her last run for office, that comes to $1,002,000 in debt that we know of. She probably has additional debt on her Long Beach home. She ought to have been a millionaire to run those kind of numbers!

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