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Posted by: DoseASpinoza 1 year, 7 months ago

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DoseASpinoza1 year, 7 months ago

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The funny thing is, this happened before in Orange County, Calif. -- one of the epicenters of the bubble -- when it went bankrupt in the '90s.
A gadfly named John Moorlach kept going to the County Board of Supervisors telling them that their derivative investments amounted to a ponzi scheme that was bound to collapse, and nobody listened. The county went bankrupt and when it did, he got elected treasurer.
People are stupid and will ignore all the long-term warning signs if it means they can have immediate comfort. They are paying for it now. I'm glad I didn't fall for it and have no sympathy for people who did.
No bailouts! Greed got you into this situation, learn your lesson and get yourself out. Bailouts on the backs of taxpayers send the wrong message -- that you can get away with being greedy and stupid if you wait long enough. Those of us who made the decision to live within our means should not have to pay for the ones who treated housing like an ATM.

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