And then Congress passed a law per their REIC masters making gains on home sales non-taxable
And then the Fed inexplicably lowered interest rates to 1%
And then thousands and thousands of people became mortgage brokers and realtors
And then CDOs and toxic loans were invented
And then China manipulated long term interest rates
And then homebuilders started building an insane amount of inventory
And then sheeple lined up outside of new home developments to be lucky enough to buy a home, and told everyone they knew that they were stupid to rent, and to buy as many homes as they could
And then TV shows came out about how easy it was to get rich flipping houses, and Time magazine went goo-goo for housing
And then 20-year-olds could get $2.4 million in loans with no income and no job
And then appraisers got paid kickbacks to "make the numbers work"
And then Bush told everyone to buy a home, regardless of cost
And then Greenspan told people to take out adjustable rate mortgages, even though he'd be raising interest rates again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again
And then it all caved in... Oh, did it all cave in...
Showing posts with label the housing bubble in three act structure. Show all posts
Showing posts with label the housing bubble in three act structure. Show all posts
June 28, 2007
The Great Housing Bubble and Crash - this will make a great story one day
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6/28/2007
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