April 08, 2008
Fool me twice?
Posted by
Mark Kleiman
Two pieces of advice from Alan Greenspan:
1. Take out an adjustable rate mortgage to buy an overpriced house — one you couldn't afford on a fixed-rate mortgage — so that you'll be comfortably moved by the time prices tank, your payment "adjusts," and the default notices start coming in the mail.
What was that the Beloved Leader said?
"Fool me once, shame on you. Fool me twice ... you can't let yourself get fooled again."
Precisely.
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