Posted by: winteridge | September 22, 2007

You need $$$?


I have never understood this sub-prime mortgage thing. Scares me every time I read something about it. Here are supposedly intelligent investment people inflating the values of real estate, then lending money to people with no down payment at below prime interest rates and balloon payment schedules. A recipe for disaster. This makes the whole credit card business look sensible. Right! Just because our government can keep going (deeper and deeper) on credit, we think we can all do it.

But wait! Don’t I recall that our beloved G.W. had a brother who cleaned up the infamous (and similar) Savings and Loan Scandal a few years back? Or at least he had something to do with that costly financial fiasco.  Maybe he caused it?  Maybe we could find him (Where in the world has ol’ Neil been hiding out?) and make him Secretary of Bankruptcy or something like that. All you need do, see, is throw in massive amounts of taxpayer dollars until the crisis goes away. Then maybe a Presidential future for Neil too?

The worst, as they say in Washington, is yet to come.

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Responses

  1. I may seem like a bit of a clairvoyant here, but, really, any fool could see that this financial spiral could not last. Though I actually thought it would affect the wall street geniusi more, and us little people less. They sure brought us back to earth, while actually improving their own financial positions. And I only wish I had had some money to get in on the action, other than my 401K, which Merrill Lynch had already devastated for me. Oh, well, the last depression only lasted 10 years or so, and took a monumental world war to turn things around, so there is hope if we can hang in there.


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