Occasional commentary and navel-gazing from the world's oldest baby-boomer
Saturday, November 29, 2008
Whiskey Tango Foxtrot?
How did things get so fracked up, you ask?
Michael Lewis (author of "Liar's Poker") offers one small example in Portfolio:
"In Bakersfield, Calif., a Mexican strawberry picker with an income of $14,000 and no English was lent every penny he needed to buy a house for $720,000."
The sub-prime mortgage debacle was no accident. The perpetrators made gazillions of dollars from it, the strawberry picker is out on the street, and you and I are about to pay off their gambling debts.