[Boomer]

OK, folks. This is what's up. I did not know I was going to write this. I did not plan to stay so long at the keyboard this morning. I tuned in to this thread. And whoops! I was off and running. (typing) I am not a cutter nor am I a paster. I just tell stories. You do not have to read them. But here goes:

I wish I could find out who said, "Unrestrained greed is not only bad morals, it is bad economics."

I am a fan of business. But lending industry practices that we have witnessed recently do not resemble ethical business in any way, shape, or form. The bloated in DC have been so wined, dined, and propped up by lobbyists that they can no longer recognize ethical business practices, if they ever could.

The CEO of one of the largest lenders was selling his stock through programmed stock sales. Yeah, I know. That's legal. He set it up ahead of time. And he and so many other lenders set up those wide-eyed American Dreamers.

I am weary of hearing, "But the borrowers should have known." Yeah, they should have. But they did not. And their lenders knew they did not. And their Congress knew they did not. There seem to be no laws to protect the American people from the lending industry. Things have happened that should never have happened. And we will all pay.

I don't care about the speculators. I do care about those first home buyers who walked right into it, trusting the guy with the briefcase and the big desk, telling them what they wanted to hear. Vile stuff out there. And we will all pay.

I saw it coming. And I am certainly not a learned economist.

In the fall of 2006, I actually rescued a good friend's daughter from one of these loans. We are talking about a smart young woman with a good job who was walking right straight toward the wall, the cliff, whatever. Her parents could not get her attention. She was hell-bent on doing this "on her own." And thought she understood it. She is in her 20's. And she knows how to do some serious math. Whoda thought?

I asked if she would at least let her dad introduce her to someone at their local, longtime, conservative, bricks and mortar bank to see what that lending department could offer her. It worked out fine. I have no idea why she listened to me. But she did.

There is another circumstance that I have seen up close. A couple in their late 30's who are family friends transferred west. Both have excellent jobs. They bought last fall in a nice neighborhood, getting what they thought was a good deal.

They had to sell their SC house for less, but they felt they were buying for less and the new jobs dictated a move.

This couple knew not to get into the wrong kind of mortgage. And they did not. This young couple did everything they were supposed to do.

And they settled into their new and quite lovely neighborhood.

Now they are watching their neighbors walk away. They are watching their neighborhood turn to rental where possible. They are watching growing grass and general property neglect. They are surrounded by yards that have unmaintained pools. They are even seeing multiple families live in one house. And we are talking about those Ken & Barbie houses. And this young couple did things as they should have been done.

I care about the people in my little stories. I care about those who are like them. Those I do not know. And I care about the fact that we will all pay in one way or another, or in many, many ways. And I care that those who should pay, will not.

So anyway, you did not have to read it. If you are reading this sentence, I guess you did. I did not intend to write it. But I did. So I will hit send. And I will move forward with my life. But I will still care very much. And I still believe that "Unrestrained greed is not only bad morals, it is bad economics." And I still wish I knew who said it. And I wish I had.

I just looked back and saw that I did not give my opinion, directly anyway, on when the overall housing market will bottom. Well, I do so love my sayings. And one of my favorites is "It's not over 'til the fat lady sings." And I'm sad to say that I don't hear her. And I'm really sad to say that I'm not even sure she is approaching the stage. I guess, truth be told, I don't even think I see her limo pulling up to the theater.

Boomer