Monday, February 4, 2008

HousingFEAR thought of the Day.

# losaltosrenter Says:
February 2nd, 2008 at 4:59 pm

I’m looking forward to watching the poor lending practices enema rip through the bowels of the CC industry just as folks start to wrap their head around the mortgage debacle. A lovely 1-2 sucker punch.

Having spent the last three years watching people who make 75, 50 even 25% of what I make load up on big screens, leased sports sedans and granite I’ve often wondered how they hell they do it. The answer of course is being leveraged to their eyeballs and spending 120% of every dollar earned. Meanwhile, we sit debt free and carefully investing the delta between our rent and what a mortgage on a comparable property would cost. Soon, I will spread my leathery wings and descend like a giant, putrid vulture to pick at the carcass of deflated assets that are already beginning to rot and fester...

^I can't breathe, lol!

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