These are my random musings. Hopefully they will be witty, insightful, and frequently updated.
The sub prime mortgage crisis re-examined
Published on August 31, 2007 By singrdave In US Domestic
You! Yes, you. I'm talking to you.

Did you get in on the low, low interest rates a couple of years ago by taking out a home loan?

Are you the one who borrowed far more than your credit or your income would allow? This is your signature I see on those contracts and mortgage forms. You did sign those the papers of your own free will and choice, didn't you?

Did you spend that money speculating in the South Florida, Washington DC, Las Vegas, and San Francisco markets, buying up all the pre-built condos, hoping to flip your way to massive profits?

Better yet, did you fritter away that money on cruises, vacations, dinners out, new cars, and generally living large? You had all that extra money... what did you spend it on?

Aren't you the guy who plowed your 400% real estate profits into more homes, townhomes, and condos, parlaying your bet to make even more money on what you'd already mortgaged?


Did you suddenly find that the market for flipped homes and condos had peaked, and that people like you had saturated the real estate market, driving prices far above that which the market could bear?

When did you notice that your bill came due -- that your ARM payments suddenly ballooned past that which you were able to pay? Did you have a "come to Jesus" moment? Or did you just figure that you'd refinance... only to find that your poor credit and overextension prevented you from getting money from Peter to pay Paul?

Now remind me why my tax dollars should bail you out?!

on Aug 31, 2007
This reminds me of the scene from "Airplane!" where the opinionated guy comes on and says...

"They bought their tickets... let 'em crash!"
on Aug 31, 2007

I admit it!  It was me! Me! MEEE!!!

The trick to playing the market is to know when to get out.  The winners do.  The losers dont.  Not everyone is a winner.

on Aug 31, 2007

I'm still wondering how this is a "crisis".  It is nothing but the market being the market.  The government doesn't need to "fix" anything... in fact, some of this "crisis" is merely the market's "fixing" themselves.  Only in liberal America does something need to be broken in order to protect people. 

on Sep 04, 2007
Just another Bush betrayal, but certainly no worse than what the Dems would do

Agreed. This would have happened whether an elephant or ass were in the White House.
on Sep 04, 2007
Agreed. This would have happened whether an elephant or ass were in the White House.

on Sep 06, 2007
VOTE THE NOTA PARTY IN 2008! (None Of The Above)

:: Depends... who's their candidate? ::