July 09, 2007

Congressional Hearing quote: "It seems we never learn that things that are too good to be true... are."

Tulip bubble
Dot-com bubble
Housing bubble

What's next?

We do love our bubbles, we silly humans. They're sure fun while they last, and damn, do they suck when they pop.

Enjoy this youtube clip of from the recent Senate housing crash hearings. Pretty annoying to see them state the obvious and point the finger at the Fed and lenders, when they should be pointing first at themselves.

We're run by monkeys.


Paul E. Math said...

I fear that the banking committe is going somewhere with this. I fear their statements are leading inexorably to a bailout of distressed borrowers. That is NOT the answer.

Anonymous said...

Infrastructure bubble is next - e.g. privatizing toll roads and bridges.

Anonymous said...

Monkeys are much smarter!!

They don't slaughter each other and pollute their environment.

Plus they are cuter than most crusty old fart GOP's.

Anonymous said...

"Infrastructure bubble is next - e.g. privatizing toll roads and bridges.


Too late, a lot of toll roads around the USA have ALREADY been sold to FOREIGN COMPANIES.

Thanks politicans for SELLING THE USA OUT !!!! I hope the blowback towards the policians for all this crap is relentless, and VERY PAINFUL !!!!!

Anonymous said...

Amazing to watch our nation's "leaders" to finally connect the dots the housing bloggers have posted for years.

Kudos, Keith.

Anonymous said...

What really pisses me off is that these guys think the homedebtors are the victims here.

What about the young people who are, as a practical matter, priced out of the market? Those are the real victims, who did nothing wrong or irresponsible, but were handed a raw deal at the very moment when they were supposed to begin getting their financial lives together.

The bubble needs to pop for everyone's sake, but especially for theirs. Let the greedy and ignorant stew in their own juices.

If by "do something" the Committee means to take steps to prevent this from happening again, then fine. But if it means to reflate the bubble, then it's time for the tar and feathers.

Anonymous said...

Did any of these politicians do the math? If there is $21 trillion in home equity and mortgage debt, and $10 trillion vanishes with the bubble explosion, this money just disappears, with the borrowers and then mortgage holders holding the empty bag. This will lead to individual and corporation going bankrupt. Remember too that there is a huge credit card debt and HELOC loans that aren't even collateralized! This will push the world into a massive recession/depression the likes of which we have never seen! Cash will be king, and so will the precious metals. It will take years to get over this one! Unbelievers will be hung out to dry in this one.

cobra2411 said...

What's next?

The stock bubble part two... Also the dollar bubble...

Later we'll have a gold / silver bubble when the dollar bubble pops...