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."


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


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."


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


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


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