Le Jacquelope
Loves Spam
- Joined
- Apr 9, 2003
- Posts
- 76,445
Well, those subprime mortgages that people were using to buy houses they really could not afford, are now coming back to haunt the entire economy.
I won't even bother with all the articles about this. You'd have to live in a cave not to know what's happening to subprime lenders now, and it's entirely due to people trying to buy homes, which by nature are out of their financial reach due to overspeculation.
You can blame all of what's going on now, on housing speculators.
I warned you about them bastards, but no one believed me.
Tick tock. $1.3 trillion in subprime mortgages are still sitting around out there. Tick tock. That's almost as high as California's whole economic output. Tick tock. $265 billion in subprime mortgages are set to be reset this year. BOOM.
Now even those of you who weren't involved in this shit, will be taking more hits when stocks all around start taking another ding this summer when collective purchasing power (read: refinance-driven purchasing power) takes a dive. PLUS, your home values will drop because the coming foreclosures will put a shitload more houses on the market.
Good luck trying to sell in the summer. Mutual fund managers, get out your high waters, and check your scuba gear just in case.
I won't even bother with all the articles about this. You'd have to live in a cave not to know what's happening to subprime lenders now, and it's entirely due to people trying to buy homes, which by nature are out of their financial reach due to overspeculation.
You can blame all of what's going on now, on housing speculators.
I warned you about them bastards, but no one believed me.
Tick tock. $1.3 trillion in subprime mortgages are still sitting around out there. Tick tock. That's almost as high as California's whole economic output. Tick tock. $265 billion in subprime mortgages are set to be reset this year. BOOM.
Now even those of you who weren't involved in this shit, will be taking more hits when stocks all around start taking another ding this summer when collective purchasing power (read: refinance-driven purchasing power) takes a dive. PLUS, your home values will drop because the coming foreclosures will put a shitload more houses on the market.
Good luck trying to sell in the summer. Mutual fund managers, get out your high waters, and check your scuba gear just in case.