Subprime Lending and Artificial Housing Booms
I know my friends in California are having a hard time with mortgages and houses they’ve bought. But I am always amazed at how the media distorts the housing market. Here in Texas, the housing market is booming. I think people on either coasts forget that this country is really big. And just because thousands of Californians made bad decisions buying 1700-square-foot houses that cost $2-million dollars, that doesn’t mean that people in other parts of the country were that insipid too.
Seriously, does it take a genius to figure out that if you’re only making $60,000 a year, you really shouldn’t take on a variable rate mortgage. Or have California schools dumbed down people *THAT* MUCH?
What amazes me is that people have the balls to blame this on Bush. Which means that it will just happen all over again, because no one has learned a thing.
