Thursday, August 16, 2007

Further vindication

As I pointed out years ago to anyone who would listen and on this blog in 2005, the housing market had become unmoored from reality. There were loans being made for houses which were not, and could not be, worth as much as people wanted to believe. The mortgage industry and real estate marketers sold two things: fear and foolish self-confidence. Everyone who owned a home believed they were geniuses, and the only way to go was up. Everyone who didn't were convinced that they needed to get in before things got really crazy.

But the truth is that the bubble was created by the real estate industry, and now the government and taxpayers will be bailing out not only the lenders who sold these loans, but the homeowners who foolishly believed the lies. I personally will not vote for any candidate who bails out the mortgage industry, who purposefully put themselves in this situation, and our economy, with the idea that the government was always there.


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