“They found a Bear Stearns CDO salesman more interested in playing cowboy at a shooting range than in discussing the housing market.”
I guess if he went to the golf course or playing hoops that would have been okay like Obama does.
bookmark.
And to give this article perspective:
http://www.chrismartenson.com/crashcourse
What I find interesting is the part about the stripper getting into homeloans that depended on every increasing housing prices. In other words, a “BIGGER” housing market in the future. And if it shrunk, she was in deep trouble. Actually, catastrophic trouble. And that is what happened to her and the entire housing market.
And our whole economy and banking system is dependent on a “bigger” economy in the future, but it is contracting.
Anybody want to wager a guess as to where this leads us? The obvious answer is the same: Catastrophic trouble. However, the REAL answer is that when this happens on the scale it is happening it results in large scale war and the collapse of entire civilizations.
We’ll see, though.