Chuck Ponzi October 24th, 2007

Check out the Peter Schiff Video:

My favorite line is:

“What’s going to change is these fantasies of instant wealth by owning homes. You know, we created a whole nation of speculators. People thought real estate prices were going to go up forever. So, they committed to mortgages they knew they couldn’t afford because they thought they were going to get rich. And now that, you know, they’ve realized that they’ve bought into a bill of goods just like they did with the dot coms, uh.. you know, we’re going to pay the consequences.”

That’s the housing bubble in a nutshell.

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