Tuesday, September 23, 2008

There's A Reason They Call Him Learned Foot

This is why. A quick excerpt:

You see, none of this would have been possible if all those people who read "maximum loan amount" on their preapproved loan documents as "buy a house that costs this much" had just stayed out of the market; or at least had been familiar with the nuances of the word "maximum". Because all the (well, most of) the troubles Wall Street is currently facing can be traced directly back to the dimwit making $35,000 per year who just absolutely fell in love with that 1800 square foot $400,000 bungalow in Tangletown with its $8000 per year in property taxes. The figures and locations are of course different from case to case, but the ratios tend to be the same. Sure, there may be a thin film of folks who were victimized by circumstances and were forced to default. I'm certainly not blaming them. Most people get farked by the fickle finger of fate at some point in their lives. I'm talking about those people that you think about when you drive past those vast tracts of McMansions and overpriced townhouses in Eden Prairie or Plymouth, wondering to yourself: "how can so many people afford these super-expensive homes?" You now have your answer. Most of them can't.


Read the whole thing.

3 comments:

Anonymous said...

Mark,
a friend just sent me this in an email, and I thought you might get a kick out of it. If we can't life right now, crying is all that's left to do.

Your Urgent Help Needed

Dear American Friend:

I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude.

I am Ministry of the Treasury of the Republic of America. My country has had crisis that has caused the need for large transfer of funds of 800 billions dollars US. If you would assist me in this transfer, it would be most profitable to you.

I am working with Mr. Phil Gramm, lobbyist for UBS, who will be my replacement as Ministry of the Treasury in January. As a Senator, you may know him as the leader of the American banking deregulation movement in the 1990s. This transactin is 100% safe.

This is a matter of great urgency. We need blank check. We need funds as quickly as possible. We cannot directly transfer these funds in the names of our close friends because we are constantly under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy person who will act as a next of kin so the funds can be transferred.

Please reply with all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to wallstreetbailout@treasury.gov so that we may transfer your commission for this transaction.

After I receive that information, I will respond with detailed information about safeguards that will be used to protect the funds.

Yours Faithfully,
Minister of Treasury Paulson

/*********************************/
Regards,
Rich

Mark Heuring said...

Yep - you could also substitute Chris Dodd for Gramm and you'd be even a smidge more accurate. But a pox on all their houses.

And don't worry, I'm laughing, I'm laughing.

Speaking of laughing, did you read my post on the Twins? Heh heh heh.

Anonymous said...

"The percentage you're paying is too high priced, while you're living beyond your means..."