Monday, March 17, 2008


Alan Greenspan goes for another round of "IT'S NOT MY FAULT WAHHH." And, of course, in our current corrupt and depraved system, nobody "serious" will try to hold him or anyone else accountable. Poor Uncle Alan, he couldn't have known and he couldn't have done anything if he did.

I was thinking about the housing bubble and why most of the "experts" failed to see that there was a problem, and I realized it's because they're all rich. There was one unavoidable and obvious fact that was apparent to anyone who isn't especially rich, and that's that there was no possible way that many households in this country had large enough incomes to be able to afford the monthly mortgage payments they were supposed to be paying, even without ridiculous interest rate resets. There just aren't enough people who make enough money to support that many $800,000 homes.