Some call us fiscally prudent, Henry Paulson calls us suckers by mattsteinglass
September 21, 2008, 6:16 pm
Filed under: Economics

You know, I used to think I would never be able to afford to live in New York. How could my wife and I afford to buy a $1,000,000 Brooklyn house on our modest incomes? What I failed to understand was that if my loans ever went bad, the Federal Government would buy me out at an inflated price in order to keep real estate values across the country artificially propped up so all those rich people’s banks wouldn’t go under! Silly me, why didn’t I take out a no-income no-asset ARM last year and buy that Park Slope brownstone?


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