In July 2005 while in Vegas during our last Kid Free Vacation shortly before Arun was born, X and I had a fabulous steak dinner with my friend J and her husband J at the Wynn. As we enjoyed our lovely meal, we discussed the ridiculous state of real estate and subprime mortgages. You see, J and J are in the "mortgage business". That is what they do. Furthermore, X and I had just sold our townhouse in the DC/VA area because we suspected that a real estate bubble was at hand with the silly manner in which our townhouse had appreciated in value.
I think that first paragraph should illustrate an important point. If four yokels such as X, J, her husband and I knew about the impending disaster three years ago, then it is safe to assume that others were privy to such information. Perhaps. Bear with me on this vein of thinking, folks. Let us say that, hypothetically, of course, that maybe, just maybe, Senator Obama, Senator McCain and Senator Biden had an inkling that maybe, perhaps, banks should possibly rethink their policies regarding subprime lending. (Palin gets a pass on this one because at the time, she was most likely up in the frozen tundra hunting moose and teaching her children that the word "Trojan" is Greek for "sin" and is synonymous with "a bridge to nowhere but hell".)
The response from the Obama and McCain campaigns is disappointing, to say the least. What a joke. Or rather, I wish they were joking. Let us just hand over 700 billion Big Ones with no restrictions. No salary caps, nothing. Awesome!
Do not even get me started on BeelzeBush.
Furthermore, let us not only jab our fingers in the direction of the Fat Cats running these banks. How about the folks who signed the dotted line for all these loans? No one forced these folks to take out loans even though in many, many cases, they had no business commiting to such debts (particularly those with "interest-only" payments which makes me want to blow a gasket even contemplating why on Earth anyone would take such a loan, much less give it.)
Even more sad? Nothing I have said thus far is profound, for sure. Everyone is pretty much saying that same damned things as I am.
I have included such a few resourceful links about all of this that do a more eloquent job, for sure:
A great explanation using Tickle Me Elmo as an example.
Interesting article on why we may not be in a recession.
A nice little diddy on Bubblenomics.
Now, please excuse me while I go bang my head on the nearest wall.