Subprime Mortgage Collapse Eviscerates California Headquarters

This is exactly the knock on effect that the fed seems to think is not happeneing. How can they be so stupid.



http://www.bloomberg.com/apps/news?pid=20601103&sid=alOjASNOLKcQ&refer=us

 

Interesting story, dominos begin to knock each other over

 

Its only California

 

bob, that's some articulation. your in depth commentary blew me away, do you work for Nat Geo or The Times?

 

Good. Fuck 'em. I'm absolutely sick of being exposed to mortgage commercials on radio.

 

which accounts for over 50% of the entire US economy :eek:

 

who would have thought...

I could have thought the bottom was in months ago when everyone started buying up the homebuilders, even the talking heads said everything was fine in real estate and to expect a nice soft landing.... PATHETIC.

 

I suppose there is more than one way of measuring an economy and these numbers are a few years old but it looks to me like California is only about 10% of the US economy.

http://www.lao.ca.gov/2004/cal_facts/2004_calfacts_econ.htm

 

I wish I had been stupid enough to buy a house or take a shit loan or something...I want to sue someone desperately and I have no "legitimate interest" in any of this and it leaves me no choice but to go short and try and make money off it! That's unfair as I'd really like to discuss with lawyers class action suits and such. Oh well...someone else surely will.