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And the Walls Came Tumbling Down…

As huge losses continue to mount in California markets such as Sacramento, The OC, and San Diego, news from the subprime-lending-fiasco just gets worse.

The corruption and games that led to the smoke-and-mirrors-real-estate-bubble really do beg the question: what the hell has happened to this country? I know, I know. Financial shenanigans are a favorite American past time (everyone knows SOMEOne who has cheated to make a buck) – but are we really destined to repeat the past over and over – from the savings and loan scandal to Enron to subprime lending and liar loans to backdating stock options…has it just become one big free for all where those who get in on the cheating make a buck and those who get in too late get screwed and no one (or very few people) goes to jail?

If this time they basically put EVERYone is jail who cheated – every appraiser who overvalued a home, every broker who said “Leave the income part blank on the form – I’ll fill that in later,” every lender who packaged up the no-doc loans and sold them to unsuspecting investors – I wonder if next time around people who think twice about generating a bubble to mae themselves rich?

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