http://www.pensiontsunami.com

As someone who has owned property in CA and TX for decades and travels back and forth several times per year I see how the crisis so far is being felt differently in each area. (LA vs Dallas specifically).

I don’t feel good when I travel back to Dallas and see new hotels and highways being built all over the place. Neighbors putting in $50,000 pools and new cars everywhere. It’s as if nothing has changed. It’s crazy…..

I guess some would say TX is the place to be but I cannot help but feel that people here are living in denial. If you talk to them they seem to think TX will skip through this whole thing unscathed. Maybe the state is feeling it less for now but I feel like I’m watching the beginnings of disaster unfold before my eyes.

Just what do they think is going to keep the state roaring as usual? Just because TX never had a real bubble does not mean the fallout won’t fall on their economy too. Any thoughts?

P.S. I love both of these states and don’t mean to sound critical of either.

“You must be a victim.”

…pretty smug words… good for you to be so-o secure, but it won’t last.

I bought this house for 160k when I could have afforded triple that much.
I could’ve cashed out with that 150k refi and split for the hills, so don’t pull your snark w/ me. I know of plenty who have done exactly that, … is it your idea as well?
I’m not the criminal here and I don’t have my hand out to anybody, least of all a bitter piece of scum like you. I don’t give a crap what you think, but I do resent your high and mighty attitude.
Not that it matters, but this house is worth more than you could possibly know and it isn’t my opinion that establishes that fact. Putting the cash into the house and investing 100% of the effort and labor was what anybody would have called pretty sound contingency (and don’t deny it for yourself, either, liar) until that “bankster with a shotgun” showed up last September and begged off the United States Congress.

It wouldn’t have made a difference if I had refi’d or not, jerk. I still would have lost my job.

_THEY_ KILLED THE PROFESSION AND THE CONSTRUCTION INDUSTRY.

I _ DIDN’T_.

Read that again, because it is where you went right off the rails.

10% loan to income or 40% loan to income doesn’t make any difference IF YOU CAN”T GET A JOB!
The only act that WOULD have made a difference would have been for me to rent instead of buy until I had the cash to pay for it.

Is that the world you live in?

Are you so stupid to fail to understand that point and instead bite me while you “think” I’m out to get something for nothing? From YOU? I don’t even know you. You should be glad I don’t.

…and then there’s this boneheaded comment:

“Bad lender policy…WTF!”

How long have you been asleep?

I’ll tell you WTF, so pay attention… it may be your last chance to learn. Get in touch with your nation’s fiduciary history and the laws that have been manipulating it. Start with recent events like the Community Reinvestment Act…, add Congressional pressure on lenders to abdicate common sense lending practices and minimum 20% down payments… only to replace them with liar loans, ALT-A’s, No-Doc loans, 125% LTV’s on Jumbo’s and everything else this weblog has been screaming foul about.
THAT is what this rant is about.
Now you come along and try to piss on me.
Fool.
Just wait.. it’s coming for you too.

Hide under your rock and watch while the same crooks that caused this crap, white collar scum like Mozillo, Frank, Dodd, Waters,et al., and their buddies down at FHLMC, FNMA, and the rest of the GSE’s,with the help of Goldman-Sachs and the Federal Reserve Board, rape you and the rest of the world until you bleed…

Are you REALLY that blind?

What’s your opinion on the new up to 125% financing just announced?

This is just another in the growing list of things that are changing the out come.

The Federal Government is making the foolish spend thrifts look pretty darn smart and making the prudent saving looking like a Jackass.