April 15, 2008

A long time ago, in a Galaxy far far away...



You could get a $500,000 mortgage with no job, no income, no assets...

realtors were making money...

Casey Serin thought he was gonna get rich...

Angelo Mozilo was seen as a captain of industry...

George Bush's "ownership society" didn't seem like such a bad idea...

Ridiculously low interest rates made the price of anything seem irrelevant...

HELOCs had money falling from the sky...

Lawrence Yun hadn't destroyed his career...

The dollar could buy things...

CDO's, SIV's, HELOC's, MBS's, CLO's...

Bubble bloggers were "brown shirts", "cassandras", "foolish" and "chicken littles"

Home prices were going up...

Illegal immigrants were embraced and employed...

And homes were get-rich-quick lottery tickets...

11 comments:

Anonymous said...

I didn't realize Jabba had a son until now

mreynolds said...

I never felt like a brown shirt, Browncoat absolutely.
http://www.serenitymovie.com/

Buzz Saw said...

We were the flying monkeys coming out of Greg Swann's a$$.

O/T - Whatever happened to "Bubbles" Greedscam? Oh yeah, that's right, he still won't STFU!

Mozilo the Guilty said...

Mozilo = Failed Scumbag.

Nice legacy.

Enjoy Hell, Orange Face.

David said...

That was only a few years ago.

live n learn? said...

I suspect the sinking feeling of watching others get sucked in and of getting priced out back then is not going to be countered by euphoria during the ensuing crash.

There's a certain sad logic to not merely being wrong, but also being adamant about your erroneous thinking. You don't know that you don't know.

In matters of opinion, the question "in what way might I be mistaken?" never seems to cross some people's minds.

buy now get 6% off said...

-Begin Urgent Public Service Message-

Attention ALL potential homebuyers that absolutely must purchase a home and cannot wait for the 50% off sales next year:

1. Find the house you want using web resources.

2. Do not contact any real estate agents regarding the property.

3. Contact the owners directly and have them show you the property. If the home meets your needs, urge the owners to dump their real estate agent and lower the price by the sales commission amount.

-Return to Housing Crash Programming-

Bryan said...

Han shot first.

Wait, wrong board, wrong topic, etc. But when they write the history of this time, will they have the sequence of the dominoes falling in the correct order or will things be re-written?

Stuck in So Pa said...

MAY THE FARCE BE WITH YOU!

Mammoth said...

Maybe a tad off-topic, but here's a factoid for you:

Jabba, in Russian, means toad, and is spelled жаба.

The guy does look like a toad, doesn't he?

anon666 said...

Don't forget the Playstation and Xbox riots.... those were the days.

http://tinyurl.com/yyajer