And then the debt addicts couldn't pay for their next fix

What the hell happened in America these past few years?

Was it HGTV and MTV Cribs?

Was it rap music switching from ghetto to bling bling materialism?

Was it the general decay of morals and personal responsibility?

Was it the ads?

Whatever it is, it's disgusting, it's unsustainable, and now the whole house of cards collapses. The real interesting thing will be finding out who in the end actually holds the bag (hint - it ain't the junkies)

Unpaid credit cards bedevil Americans

Americans are falling behind on their credit card payments at an alarming rate, sending delinquencies and defaults surging by double-digit percentages in the last year and prompting warnings of worse to come.

An Associated Press analysis of financial data from the country's largest card issuers also found that the greatest rise was among accounts more than 90 days in arrears.

Experts say these signs of the deterioration of finances of many households are partly a byproduct of the subprime mortgage crisis and could spell more trouble ahead for an already sputtering economy.

You know what makes me sick abou this housing crash? The total lack of personal responsibility.

We've got housing gamblers protesting outside of Countrywide's offices, screaming that they were "put" into toxic mortgages that are now leading to foreclosures.

We've got the monkeys in Congress talking about using our taxpayer dollars to bail out failed flippers and ignorant homedebtors.

We've got the ignorant head of the FDIC telling lenders that they should violate their contracts and continue the teaser rates for the life of the loan.

We've got Ben Bernanke slashing rates (and destroying the dollar) to prop up investors, hedge funds and banks who made stupid bets.

We've got no damned sense of personal responsibility anymore. We've got a free spending government who acts like a sugar daddy when things go wrong. And we've got people who make bad choices looking to blame anyone but themselves.

Want more? How about the bailout of New Orleans homedebtors who built houses in a flood plain. How about the girl at McDonalds who just won millions from a company that did nothing wrong. How about America complaining that we're on the wrong track and stuck in Iraq after they elected Bush two times.

This is a sickening time in US history. And the lack of personal responsibility is at the heart of it. Bring on the crash. Unfortunately people need to be taught a lesson about the choices they make in life, and their repercussions, so that future generations don't count on bailouts, don't count on goverment, don't count on lawsuits, and start counting on themselves.

A HousingPANIC message to the failed Housing Gamblers of America: You made your bet, you lost, now send in the keys and run

Hey, you made a bad bet and you lost. You lied about your income and took out a no-down, no-doc, interest-only, teaser-rate, piggyback negative amortization loan (good god does anyone remember 30 year fixed?).

You bought a mansion you had NO BUSINESS living in at your income level, you bet prices would go up and instead they cratered, and now you can no longer make your reset payment.

Who cares!!! You're not the bagholder! Hedge funds, foreign banks, US taxpayers, insurance companies and people all over the world are! But not you, no way no how!!! Party time!!

So just walk away. Send in the keys. Jingle mail. Ah, the American Dream!!!

Since there's no such thing as personal responsibility, ethics or morals anymore in America, you get off scott-free. Just walk away, stop hemorrhaging cash, and try to keep as many of your ill-gotten gains as you can.

I hope you transferred some of your cash-out-housing-ATM-refi-loot to unmarked Swiss bank accounts. I hope you bought lots and lots of stuff that you can now put on eBay. And a few years from now, don't forget to pull the same scam again!

Sleep tight!

I spent too much this weekend in Prague, even lost $60 at roulette. Can I get a federal government bailout too?

Hey, that $60 meant a lot to me. I was taken advantage of. I didn't read the fine print. And I was led to believe that roulette spins were all winners.

And I didn't mean to spend that much going out to dinners, and shopping. And those Czech bartenders sure took advantage of us.

I want my taxpayer money! I want my bailout too!

Folks, if the US government spends one f*cking taxpayer dollar bailing out failed flippers and housing gamblers, I'll call for the overthrow of the government (peacefully, and at the ballot box of course). And I won't be alone. If the Federal Government gets into the subprime mortgage business, and then the loans don't get paid back, guess who ends up footing the bill? You got it. You do.

Housing Bailout Chatter Gets Louder

Add another surprising name to the housing-bailout chorus.

Punk Ziegel analyst Richard Bove became the latest high-profile market observer Wednesday to predict that the feds will take action to forestall the collapse of the U.S. housing market.

Bad mortgages "have become a major problem," Bove says in a research note Wednesday. He suggests that the government may end up proposing to ease the pressure on the sagging mortgage market by offering low-cost federally backed loans to homeowners whose adjustable-rate mortgages are about to reset to much-higher rates.