WHAT YOU TALKIN' 'BOUT, WILLIS?

Subprime mortgages were get rich schemes.

I really like this guy's blog, but particularly found this interesting:
The Giant Pool of Money: Anatomy of the Subprime Mortgage Mess ∞ Get Rich Slowly

Why did the crisis occur? Because all along the financial chain — from bankers to brokers to borrowers to investors — people deluded themselves. They thought they could throw out the old rules of money. They thought they could cut corners to make a quick buck. In short: they were trying to get rich quickly instead of to get rich slowly.

I wonder how many of our other nation's blunders can be attributed to the same cause.

Posted by cmwillis at May 15, 2008 12:22 PM | TrackBack