Now that prices are going up again, the bulls are regaining some of their previous smugness, and some are trying to revise history about how wrong they were over the last six years. Today I want to take a look back at the insanity of the housing bubble and remind everyone that when they hear the kool aid intoxicated bellow their bullish arguments and sentiments, many of the bulls pontificating today were completely and totally wrong for the last six years — and I don’t mean just a little wrong — most of the bulls were wrong about everything. They [Read More...]

The banks are stealing your money… again. The US Government and the federal reserve spent billions bailing out the banking system in 2008 from a financial crisis created by foolish lending. Commercial banks and Wall street securitizers pumped trillions of dollars into dodgy mortgages, much of which was refinance money given to Ponzis, so it wasn’t just late purchasers who were in trouble. When the toxicity of the lending products became apparent, a credit crunch ensued, and residential real estate prices plummeted by 30% or more nationwide. With limited collateral backing their bad loans and millions of delinquent borrowers, lenders [Read More...]