Well let me just tell you what went wrong. Houses went up fast and furious and times were great and people were buying them up like it was the last house being built. Builders were holding lotteries and people were camping out to be the first in line to buy the next over-priced house. Anyone could get a loan. Who honestly thought it would last forever? It was a greedy-shark feeding frenzy. So, what a stupid question. It's like pissing in the wind and asking, "Hey, how did I just get all this piss on me?"
It's only a question someone drunk or high would ask. So now people are finally waking up from the stupor of living high, wide, and handsome off of loans that they could not afford. This is going to be one long hang-over.
Coffee anyone?
2 comments:
This goes back a long way. American production and wages peaked in the early 1970s. Ever since then, there's been an increasingly mad scramble to grab what you can grab. There has been a series of financial scandals, each bigger than the last. And now, the mother of all scandals.
It doesn't get much bigger than losing a multi-trillion dollar war and having the residential real estate market crash around your ears. We ain't seen nothin' yet.
I can't help but notice the sticker on that proclaiming "AUCTION... Minimum bids from $100,000." Now, I realize that not long ago you couldn't buy a burned out trailer home teeming with rats for $100k in parts of California, but that sticker tells me there's still way too much speculation. Sure, a lot of people have begun the big hangover, but clearly there's some folks still partying, and others trying "hair of the dog".
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