If You Are Going to Sell Your Soul…

… make sure you get top price.

Many Americans on both sides of the loan officer’s desk practiced a form of fraud over the last five years, giving and receiving liars loans (stated income loans) with Option ARM’s and debilitating re-fi fees which make it painful (if not impossible) to do anything but go bankrupt once the rate resets.

This latest brouhaha- the Sub Prime Meltdown (resulting in record foreclosures and inventory, falling sales volume and, soon, prices)- illustrates how easily manipulated the public most recently was.

The real wonder is that Americans are not but should be…

“fed up and sick and tired of the government, the banking system, and the crooks on Wall Street who keep sucking the lifeblood out of America’s economy.” [Source]

… yet it is probably certain that the public’s poor memory. After all, the IPO frauds peaked just seven years ago. It is predestined to happen again, and again.

The real question you have to ask yourself is: should others profit from the abuse of others? Some say it is finding a bigger sucker is what keeps the capitalist engine humming. When you have moved from a productive manufacturing-based economy to a service-based one, what you gonna do?

And if you are stupid enough to fall into these boulevards of traps, well then, fool me once, well, erm, let W tell it to you in his well rehearsed and well understood version.

“How may I be of service?” is starting to grate. “How stupid are you and how can I best use that to my advantage?” is what they mean.

Honesty, integrity, and looking out for the welfare of your fellow citizens (that’s right, we’re all in this together, aren’t we?) are quaint qualities of a bygone era, and it was never practiced in the corridors of power. Using one another as natural resources (i.e. “patsies”) was pretty much ushered in when the most recent crop of jackals snuck in under the back fence when Reagan took office.

Folks, they are still among us.

For those that stand in front of the flag and have their picture taken, there should be a caption under each beginning with the phrase “Beholden to…” because any oath taking apparently is forgotten the second after it’s completed.

Maybe they should be forced to renew their oaths of office every year? Every day?

“What we don’t have are the really brilliant people who possess good common sense to run this country. “

Anyway, a great opinion piece, check it out.

BTW, as this article posits, it’s not just an American problem.  Spain, where I visited in 2003, was undergoing a property boom then, especially along the coast. Many Brits, Germans, etc. were buying up as new construction expanded in unprecedented fashion.

Which of course means now the party is over because, as the saying goes #fools rush in#.


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