September 27, 2008

• 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.

  • 9:02 pm
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