HowardJoy at Collapse of the Real Estate Bubble
December 11th 2006 02:06
Hanging out in Greenwich Village
Yes, folks, there has been real joy in the collapse of the real estate bubble. It's actually what is called "schadenfreude", in German, joy at others misfortunes. We have the case of the Housing Bubble Blog which is of this class, though hardly the most outrageous of this class. There is a certain amount of joy in seeing a house in the San Fernando Valley, California falling 1 percent, even if it still costs $700,000. Most of these blogs don't realize that the whole U.S. banking system could easily be dragged down with the mess. Check out my little purple links boys and girls.
The hot news at Patrick net is that the Ownit Corp., a second-tier, high risk mortgage operation has bitten the dust. And then there is the Orange County Register in California that all this talk of the real estate bubble is just rumors from a bunch of lefty anti-capitalist freaks.
Has he been talking too many little mushrooms? You know the old song, "One pill makes you larger, one makes you small, and the one's that mother gives you don't do anything at all!" Go ask Henry Paulson, I think he'll know...
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