THIS ATM CHARGES A FEE OF $525,000. PUSH "ENTER" TO ACCEPT THIS FEE
Lest we think this ugly development is isolated in Philly, note that the article also mentions Miami, Boston, San Diego, Las Vegas, Seattle, Chicago, Orlando, Washington, D.C., and Manhattan as other "areas at risk."
Anyhow, not much to say here that you haven't read before (here & elsewhere). But remember this, and remember it especially in November: with the artificially low interest rates we've had until recently, the American people have been using their mortgages (1st, 2nd, 3rd?) to facilitate the concept we know as "The Home As ATM." Borrowing, borrowing, borrowing against one's home, a home often backed with no equity, has been the standard MO. And that very money has formed the backbone of the Consumer Economy that ostensibly makes our nation go.
And if that ATM closes (just as the value of the dollar keeps falling through inflation)? Do the math. But here's a hint: not sure 2007's gonna be a banner year for Home Depot; HGTV; Target; or Bed, Bath & Beyond.