From a "Housing Crash" blog, some good food for thought:


I wouldn't do that end-zone dance just yet.

Let us not forget that we "JBRs" (Jealous Bitter Renters) are still trapped within the financial system that created this mess.

That money-market fund you thought was safe?

It's probably invested in Fannie Mae MBS.

Your bank?

Don't make me laugh. Your bank has less than 1% reserves to back all the loans--many to deadbeat homedebtors--that are outstanding.

Not to mention that the entire financial system is subject to systemic lock up thanks to hedge fund leverage, $400+ trillion in derivative positions, and investment bank exposure to the $10 trillion mortgage market.

And of course, the government is going to be looking at YOUR funds, YOUR gold, YOUR 401(k)/IRA/mutual fund, YOUR paycheck to fund the inevitable bail out of all the imprudent, deadbeat borrowers and their greedy, bankrupt lenders.

So, good luck to any JBR who believes they are just gonna kick back, fire up some popcorn and enjoy this show. Sorry, but you are gonna be dragged into this tragedy, like it or not...