Friday, July 15, 2005

Poets Foresee Pop

100 percent of poets surveyed [by the Orange County Register] see a housing-price bubble and predict a pop:

"Inventory is starting to swell.
Appreciation is dwindling.
By October, there'll be no more doubt:
Pop! goes the bubble."

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"Overpaid and put nothing down,
The greater fool has now bought,
Rates to rise on ARMs all around,
Oops! Bank-rupt-cy sought!"

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"
Interest only -- sign on the line.
Who cares? The prices are fine.
The American way is "Live for the Day."
If it turns upside down, we'll just walk away."

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"
The equity has all been drained
so no more refinancing,
but we've got nice granite countertops
when Pop! goes the bubble."

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Regarding that last one, too bad granite countertops are out of style now.

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