I know I've spoken of this already, but I just can't get past the fact that financial analysts are acting so surprised that people who borrowed more mortgage money than they could afford are defaulting on those loans.
When I bought my house four years ago, my realtor and plenty of mortgage companies were more than willing to give me lots more money than I could have ever afforded to pay back on a monthly basis. Since I'm not an idiot, I didn't take them up on those offers. It's kind of like that old saying about mini-skirts and string bikinis, "Just because it comes in your size, doesn't mean you should buy it."
Let me put it this way. My friend Bubba who hasn't had a steady job in three years asks me to borrow $10,000. I give Bubba the $10,000 and tell him he can pay me back at $1,000 per month even though, in a good month, he only brings home about $1,500. Oh, the horror when, six months later it suddenly hits me and Bubba that he can't pay me back. Poor me. Poor Bubba.
Let's see if Momma and Pappa will bail Bubba out. You know what I would say if I was Momma and Pappa? "Hell, no. You're both dumbasses. Figure it out. I'm going to Tahiti with the $10,000 I didn't loan Bubba."
Of course, being the conspiracy theorist that I am, I can't help but think this was all planned from the beginning. I hate financial talk and retirement planning and stock market mumbo jumbo so I have no idea what the conspiracy is. I just know there has to be one.
I blame Geraldo. No reason. I just enjoy blaming Geraldo.