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.

What a country!

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