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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (24145)2/23/2005 2:51:01 AM
From: Elroy Jetson  Read Replies (2) of 116555
 
It wasn't just one Visa Card company that lent the $300k. But still, even spread out over many firms, $300k is an unbelievable amount of Visa card debt.

The number of creditors could not be fit onto one page - it required addendum pages.

I'm shocked at the audacity of a person, earning less than $100k, trying to own a home now worth nearly $2 million. That's quite a schemer with little common sense.

Its symptomatic of the thinking here.

If you can't refinance each year for enough to support your desired lifestyle, you merely need to purchase a larger, more expensive "milk-cow".

Homes are not shelter but cash generation devices.
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