I saw this (America Is a “Failed State” with a “Dual Justice System”) in my iGoogle home page… Interesting. It seems that I knew that there was a Read Estate bubble a the time. What I did not understand was the extent of the financial shenanigans going on. I did know a few things:
1. I had one of those loans
2. How the heck could a bank have given me a loan that would have left me broke in three years when the rate went up?
3. Why did I even take a loan that I knew in my heart that I would not be able to pay back. Oh I remember this one, we were going to refinance for lower payment. Hopefully I would have gotten a raise or won the lottery.
I have seen that people will cheat the system to get ahead. Then there are people who cheat, because other people are. Then the third set of people who cheat the system because they are now under performing, due to all the other cheaters. The forth group gets canned for under performing, because either they don’t cheat or refuse to cheat.
All for a couple dollars or a million ten or so.
Luckily I sold the property the day before the bubble exploded.