Why do I get the feeling I’m seeing some chapter in some Economic text 50 years from now being written. “Chapter 21 : Ass-stupid practices that were doomed to fail from the beginning.”
LOL, how true.
Yep, and what gets me is how many times in the past I have heard the things are different now. They aren’t.
I knew where this was headed several years ago when the standard requirement of qualifying for a home loan for a monthly payment of ~30% of your take home pay was bumped to ~50%. That was goofy.
But it is the hight of responsibility compared to what it digressed to. And the bigger the bubble the bigger the pop.
This one grew to historically unprecidented proportions. The pop is going to be loud and long.
>>Why do I get the feeling I’m seeing some chapter in some Economic text 50 years from now being written. “Chapter 21 : Ass-stupid practices that were doomed to fail from the beginning.”
Or Ex-Texan two years ago!
My Grandpa was a banker during the depression. One of his sons was a banker during the 1950-70's. The son graduated from Georgia Tech before the liberals took over. According to my banker uncle, the chapter has already been written - long ago. The only chapter remaining to be written is about the fools who let the crooks ruin the markets in the late 1900's after it happened in the early 1900's. If anyone takes notice, they will see that the same issues exist with respect to WWI, WWII and the coming new world war. Short sighted, consumption oriented, greedy, immoral people are never concerned about what happened before their current orgy.