June 21, 2007
It's almost like they planned the whole thing.
1. Greenspam tells people they need to go with the new and exciting exotic stuff instead of the old boring conventional mortgage, and the sheeple go for it. CHECK!
2. The sheeple are led to believe that debt is wealth by borrowing against their homes. Nobody bothers to tell them, and they are too stupid to know, that should the price of the home go down the debt still remains and the so called housing wealth is voporized. CHECK!
3. Meanwhile in the shadows, we have the banking lobby writing the new bankruptcy law making it much harder, if not impossible, for consumers to get a second chance thereby making them life long debt slaves. CHECK!
4. Folks, we have been hosed. The greatest transfer of wealth the world has ever seen. CHECK!