Thursday, July 14, 2005

We're Doomed

This bit of humor from Mr. Bernanke:
"The administration will continue to monitor [developments in the housing market]. However, our best defenses against potential problems in housing markets are vigilant lenders and banking regulators, together with perspective and good sense on the part of borrowers."
Ah hahaha. That's a good one!

Our best defense is from "vigilant lenders" and "banking regulators". We're doomed. Aren't these the same greedy, reckless, unscrupulous criminals who got us into this mess to begin with?

And "good sense on the part of borrowers"? Is he high? What planet does he think he's on? Last I checked these "sensible" folks have been taking out interest-only loans, ARMs, and negative amortization mortgages for the last three years. They are on their way to a modern day version of indentured servitude.

All this coming from someone who is more than likely to be our next Fed chairman.

We're so doomed.

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