Gotta love these useless talking heads who come onto Bloomberg (or CNBC or whatever) and start off, “We’ve reduced our expectations. Housing is weaker than we expected…” Ok, wait for it, wait for it “…., actually housing is weaker than anyone could have expected but [more useless blather here].”
Oh yes, no one could have foreseen or imagined or anticipated problems stemming from such now-recognized naughty behavior.
“Things are so bad in the mortgage market that some wag has created the Mortgage Lender Implode-O-Meter (http://ml-implode.com) to keep a body count of defunct lenders (161 by last week’s estimate).”
The Implode-O-Meter site has been up well before the subprime crisis hit the mainstream consciousness. Apparently, that “wag” (Aaron Krowne) has more insight and better judgement than the so-called experts named Bernanke, Paulson, et. al.
Cult of the Amateur, indeed. It seems if you want to know what’s really going on and more importantly, what’s coming next, find the smartest wag and ignore the so-called experts.