Your tax dollars at work! Or mostly at play!

[substitute]

There were a few news items about the mortgage catastrophe today. Instead of saying "hey everyone the so-called subprime market was usury and fraud and soon it will all collapse and we will pay and pay and pay," they said that there was "increasing concern" about the "dip" in the "subprime market" and that foreclosures were occurring. Also, big time Democratic Senator Dodd was intoning that we must save the American homeowner and punish "predatory lending" since he had just discovered the other day that the mortgage business was being run by actual burglar-type criminals.

I assume that this will result in a huge S&L style bailout eventually. The homeowners will be "saved" by a "public/private partnership solution" in which taxpayers foot the bill for yet more mortgage bros to refi everything. Five or six egregious offenders will be convicted of fraud because of "predatory lending," and everyone else will refi their rap sheet and continue.

Get out your checkbooks everyone. You're about to pay out for the last fifteen years of appletinis, Humvees, shiny shirts, big watches, square-toed Italian shoes, blowjobs, cocaine, Harleys, Las Vegas, more cocaine, Mexican resorts, Dave Matthews Band tickets, still more cocaine, and one more appletini for the road.

Comments

[jpeace.livejournal.com]

Christ, that was delicious. A little perfect bonbon.

I love appletinis.

[burntcurtis.livejournal.com]

I heard on the AM today that foreclosures hit an alltimehigh. I immediately thought about you and how I MISS SANDWICHING WITH YOU.

Soon?

[sooz.livejournal.com]

i don't know if you are personally being affected, but really what isnt to love about five year interest only loans ;)

[substitute.livejournal.com]

hah! no, I am not affected except that orange county's economy is gonna collapse and I'm going to get a luxury car REAL CHEAP.

what isn't to love... the sixth year? ;)

[sooz.livejournal.com]

cars are always the last thing people are willing to sacrifice. your car is much more a sign of your elitism than your dwelling because strangers see it. that is why so many of my crackhead neighbors here in the LBC rock rovers and benzs.



you should see how much pussy i get in the focus man.

[trinnit.livejournal.com]

Big Yellow Hummer like you've always wanted.

[dr-strych9.livejournal.com]

We have a way to go yet before it all finishes unwinding.

[kniwt.livejournal.com]

http://fuh2.com

[mcpino.livejournal.com]

Lucky for me I have invested all my money in those collectible plates & figurines from the Franklin Mint.

[loose-joints.livejournal.com]

I heard a piece about this today. It gave me flashbacks of TIMES!

I don't know enough to speculate about whether or not this will turn into another S&L bail out; however, it will undoubtedly be...uncomfortable.

"refi their rap sheet"

[firepower.livejournal.com]

As a former employee of a major subprime and prime lender...this phrase was delicious.

Re: "refi their rap sheet"

[substitute.livejournal.com]

Thanks! Like everyone in O.C. I have had friends who worked in that... industry. Whoo boy. Glad you're a former employee, that means you may well have a job for a while!

[firepower.livejournal.com]

Now I make money being a bearish financial analyst.

Seems to me as if there's a bit more of a future in that nowadays.

I sort of knew I had to get out when I saw thirty-year variable interest-only loans for $3mil amortized as if they were forty-year. It seemed like half the people I knew were wither real estate agents or becoming real estate agents. And the rationale was that prices will always go up.

Dude, you should have seen the contempt with which people told me real estate prices will always go up, as if I was the retarded janitor in a room full of amazing geniuses. Or as if I had rubbed a rotting fish all over my armpits instead of deodorant.

[gcrumb.livejournal.com]

Hang on a second - 15 years of taxpayer-funded blowjobs?

*sob*

I missed my calling....

[kniwt.livejournal.com]

Two years later, courtesy of Teh Google, this is absolutely prophetic and merits a new audience.