Lemme ask you – where were you when the bulls were being gleeful and were promoting the virtues of “being bold”? Did you spend any effort at that time telling them to be careful what they wished for? I think not, otherwise you’d be on this side of the discussion right now.
There are some people on this board (like me) who are holding RE but at a reasonable price, and thus are neither renters nor overleveraged. I don’t wish ill on anyone but the crooks, but I do have some bitterness in me:
I am bitter that the laws and regulations that are in place to prevent this type of damage were not enforced. I am bitter that the politicians and corrupt bankers, along with the greedy and foolish borrowers who apparently comprise their constituency, are attempting to make me and every other responsible citizen subsidize their greed and foolishness. I was mightily annoyed that the sound advice that was offered to these fools went unheeded, and I was especially annoyed at the attitudes of many of the bulls when presented with data and analysis that clearly indicated they were playing with fire. I retain a certain amount of bitterness at the attitude of entitlement that these idiots display, now blaming their predicament on the media and claiming this downturn was created by the blogs and the resetting of ARM rates only for the subprime borrowers. Yeah, the fact that these fools continue to bask in their ignorance and refuse to acknowledge the simplest of truths is indeed cause for some bitterness.
It is true that most of the regulars on this forum are bears right now, but it also true that most of them are actively watching what’s going on so they can put on their bull costume at the right time. I don’t see that as having a negative outlook; quite the contrary, I see it as having a very positive outlook and making the best of a horrible situation that was created by others.
Here it is, cuz – it ain’t what you used to “own” that counts, it’s what you can keep.
