Monday, April 23, 2007

Best Summary of the Subprime Crunch Yet!

From the SF Chronicle, courtesy of WC Varones' ever-entertaining blog.

Some common sense from the San Francisco Chronic:
Dumb: Buying a house you can't afford with no down payment and a loan whose monthly payments will explode in a few years.

Dumber: Lending money to people who can't afford a traditional mortgage, especially when they have lousy credit ratings and don't substantiate their income.

Dumbest: Bailing out dumb and dumber, especially with taxpayer money.

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1 comment:

Flatland Pastor said...

But they all need to have a place of their own to plug their strobe lights into their extension cords - you know, the ones they bought from Radio Shack.

Does the wheel spin so fast because the rat runs so quickly or does the rat run so quickly because the wheel spins so fast?