2002:

200 million a year banker: “Hey, lets give credit to anyone that wants to buy a house, regardless of income or credit. We can sell these loans as securities, and leverage it out 30 to 1.”
Irresponsible buyer: “Wow, I can buy a mansion even though I work at 7-11”
Average taxpayer: “These housing prices are insane. I’m going to keep renting.”

2008:

Irresponsible buyer: “Hey, my 200K house isn’t worth a million dollars now that nobody wants to pay for it. Cya.”
200 million a year banker: “The economy is fucked unless the taxpayers pay for our bad loans.”
George Bush: “Have a trillion dollars.”
Average taxpayer: “WTF?”

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4 Responses to “”

  1. Rui Figueira says:

    Still complaining about house prices ? haha

  2. Bill says:

    he’s not complaining… he’s pointing out the immeasurable moronity of the entire situation. 10 years ago i would’ve said no industry is dumb enough to bury itself and an entire national economy, at least not by making the same mistake over and over.

  3. lobo_tuerto says:

    And I thought this only happened in third world countries.

    We had the same scenario here in Mexico, it was called the “FOBAPROA”. Basically, government had to save the banking sector…

  4. lobo_tuerto says:

    @Bill:
    They aren’t burying themselves, they are ripping the people off.
    Those greedy bastards.

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