*Greenspan is a really smart guy and he absolutely knew what was likely to happen withe the out of control, lending policies.
*Deadbeats will always accept anything that they can buy on credit because they have a mindset of “if you’re stupid enough to let me buy it on credit, you deserve what you’re going to get”. There are millions of people in this country who apply for credit cards and credit to buy cars and other items every day……and are turned down because the lenders know that they’re too large of a risk. So, Countrywide and other big companies made the bright decision to give these same people loans to buy expensive homes? Reckless, stupid, moronic, dumb and every other word you can use to describe what these idiots did because it’s very possibly going to put the entire country into a depression.
*Many of the brokers (well, the smart ones) knew what would eventually happen.
*The people who run the operations at Fannie & Freddie knew exactly what the outcome would be.
*The big boys on Wall Street absolutely knew what would happen.
The bottom line: There’s plenty of blame to go around because they’re all culpable. There is NO way to stop this huge tsunami. They can get out all the bandages that they want but it’s too big and too far along. When condo builders resort to auctions to move their properties in bubble markets like Miami, Fort Meyers and Sacramento and those properties are already selling for 50% off, it’s going to spread and get a lot worse in SoCal and the rest of California. DataQuick can keep on posting their optomistic comments and the real estate lobby can cheerlead all they want………prices will continue to fall and anyone who buys a home in any of these markets until 2010 (at the earliest) should have their head examined.
