19 Replies to “They Bought A Home In Reno”

  2. From reading the link,not sure exactely what this means,except a lot of Americans still think the Great Socialist’s policies are the next best thing to sex,which is good,because they are getting F*&KED royally.

  3. Johnny Cash would be so proud.
    “What have I become, My sweetest friend. Everyone I know goes away, In the end. And you could have it all. My empire of dirt. I will let you down. I will make you hurt.”

  5. technically thats a nine inch nails song, but whatever. also a reminder, bush was still in office when the bailout was in the draft stages. and mccain was 100% behind it too. reread animal farm. all the pigs lined up at the trough.

  6. I don’t blame Obama, except peripherally because he’s a dork.
    No, the real bad guys here are the ones like Bawney Fwank who pushed and pushed and PUSHED for the “underprivileged” to get mortgages. When you give a $300k mortgage to a single mother with two kids and no job, it can’t end well for anyone can it?
    When you give the single mom a mortgage because government regulations FORCE you to, that’s a whole ‘nother level of ugly.
    Everyone else involved, from the morons who thought this up to the morons who bought them were merely stupid. You can tell because they didn’t have a chair when the music stopped.

  8. Bush and the One dealt with the results , the problem started on the HillnBilly Clinton shift.

  9. Thanks subversible, that is indeed a Nine Inch Nails tune (you would think that people would at least look at the credits, sort of like actually checking out links in a blog).
    And yes, the “bailout” was already well under way when Obama came to office (that’s what Hank Paulson was hired for and why Tim Geithner was hand-picked to follow). Also the “zero interest rate policy”, also the “forever war”, also the… etcetera.
    Funny how smoothly the hand-offs occur these days isn’t it? Reagan to Clinton to Bush to Obama. Hmm… maybe missed a Bush there somewhere?
    Don’t get the insistence on the constant partisan pitching and pandering. Seems to me that the Democrats and Republicans (and left and right parties in every advanced economy these days) pretty much run on the same chassis, and yet you guys continue to argue about the “fine lines” and “rich Corinthian leather” in your ride. Guess what? It’s the same car, but the marketers are way ahead of you, they want you to continue to perceive a difference. Oh well…, knock yourselves out.

  10. subversible:
    yes, Hurt was written by Trent Reznor and originally performed by NIN. However I was referring to Kate’s Title and foot note… “They Bought A Home In Reno” and “Just to watch it die.” Which are a twisted form of Folsom Prison Blues lyrics “I shot a man in Reno/just to watch him die” which indeed is the work of Johnny Cash. The “Hurt” lyrics I added, just seem to fit in quite well with the topic at hand. Not to mention, I personally like Mr. Cash’s version of Hurt better than NIN’s.

  11. Hey The Phantom, there is a saying in poker that goes like: “If you are sitting at a table and you don’t know who the mark is, then it is probably you”.
    The people who took the mortgages and believed that house prices would go up forever are morons. They were the “mark”; the individual people who ignored their personal ethics and sold the sub-prime and option ARM mortgages were opportunistic assholes; the people who packaged the mortgages as MBS’s and sold them downstream were unconscionable; the people who used the MBS’s to create CDS’s and CDO’s were liars and criminals; the people who put the policies in place to allow this to happen (and then looked the other way) were charlatans (at best). Primary dealer banks made (and continue to make) huge money. Because the fix was already in many years ago (oh say, 2001/2002).
    I agree that somebody was a moron, but you can always get morons to a table to lay their money down if you buy drinks and cigars and the girls are pretty. It’s called a “hustle”.

  13. I’m not sure I see the problem. These people put next to nothing into the house, so what did they lose? Just call it rent and move to next house. It was only a dream, not a practical option to get a house that you can’t afford.

  14. I’d like to see more NPR people throwing more money down the toilet. Perhaps they would bankrupt themselves… and have to find a real job.

  15. The toxic asset bubble is the largest and most dangerous investment bubble ever created to threaten the global economy. It has yet to burst. You’ve only seen the spoor trail of this leviathan in the housing sector fallout.
    With some estimated $600 trillion in this nebulous unregulated toxic market, when it bursts the fallout on currency, banking reserves and global economies will make the current recession look like a kid’s pool party.

  16. I followed the links to the one where they described the purchase of their toxic asset, and read with interest until I found this at the end:
    “By the way, we bought the asset with our own money. Any proceeds will go to charity. If we lose money, we take the loss.”
    Oh, well. What else could you expect from a bunch of muddle headed socialists at NPR, for whom “profit” is a four letter word.

  17. Good points Watcher.
    These toxic derivatives have caught both sophisticated and unsophisticated investors.
    For example the Wall Street Journal of Apr 26 2010 has a story ‘Deal Near on Derivatives’
    It mentions that Berkshire Hathaway is lobbying heavily to water down the legislation so that companies don’t have to put up much collateral to cover potential losses.
    Ironically Berkshire’s Warren Buffet, who once described those big bad derivatives as ‘financial weapons of mass destruction’, has a mere $63 BILLION invested in these same derivatives.
    Nothing like turning a quick buck to attract even the smartest people, eh?

  18. Thanks TABaker, 9 inch nails were probably not born when the Man in Black penned Folsom Prison blues. hell, I think I even have the LP somewhere.
    wiki dates Folsom Prison Blues in 1955, the album “Johnny Cash at Folsom Prison” 1968.

  19. I don’t blame Obama, or Clinton, or Bush specifically, I blame them all. I also blame every single American who believes that you can run endless deficits and inflate the money supply with impunity.
    If Barney Frank and his pals hadn’t sent all that extra cash into housing it would gone elsewhere and the result would have been exactly the same.

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