Damion writes:
Get ready for some fun, Thursday is the big launch for the site!
However, the main point of the post seems to be to pontificate on economic policy:
Fed Chairman Ben Bernanke dropped rates and the big three (Bank of America, JP Morgan Chase and Citi) announced a super $100,000,000,000 rescue fund. The crazy thing is they are setting this fund up to rescue themselves from this mess. Instead of letting the bad loans be written off, the bad assets foreclosed on, they are trying to protect themselves from their SIV’s (Structured Investment Vehicles) reckless activities so they can keep their profits high and asset prices artificially inflated. These banks wanted to jump into the subprime party so they did what Enron did, they set up off balance sheet conduits (entities), to go out and make them a bunch of money on the high profit sub prime loans without having the liabilities on their books. This was great for their share prices and earnings reports…at least for a while. Meanwhile people all over the place are getting crushed with debt they can’t pay. President Bush proposes some new rules to help people out of their jam with the IRS after a foreclosure but that only applies to a few people and doesn’t help most.
But most shockingly, he appears to want to take responsibility for his own mistakes. Let's see if he has better success than Casey in that regard:
I took a risk and invested over $1.150 Million dollars into this house building it and the market turned. It’s currently listed on the MLS for $799,000 and there is virtually zero interest. Shit happens. I personally signed on the debt so my credit is getting turned into hammered dog crap. There are many places I could point fingers, ex-partner that ran the construction, moronic draftsman that designed a very strange house, foolish Realtor who insisted the house was worth $1.2-1.3 and we should do lots and lots of upgrades…the list goes on and on. The only problem is that’s all wrong. At the end of the day I, ME, the face in the mirror, made the call and signed the papers to buy the property and build the house. I could have said no but I bet that it would work. I bet and I lost. Now I’m going to face the consequences. I’m not looking to the federal government for a bail out. I’m looking to ME for a bailout.
1 comment:
Damion Lupo. Ah, memories. Damion came to Birmingham, AL, for a short time last year. He bought a small rancher in Vestavia Hills, completely razed the small rancher and, in its place, built a McMansion What he told me was that he was investing his own money and was expecting a huge pay-off. I was a little skeptical of the potential success for several reasons, number one being THAT price in THAT neighborhood. There are areas in Birmingham where houses easily sell for $1 million and much more, but not THAT neighborhood in Vestavia. I think Damion got some really shitty real-estate advice from some back-woods yokels who simply didn't know any better. Damion lost his ass on that deal...big time. The last I checked, the house was still sitting there. Empty, that is. Damion's a good guy. The fact that he got me pregnant and then fell off the face of the earth? Understandable. The fact that I had a miscarriage (college student---no insurance) and am now saddled with around $7000 in medical bills while Damion drives Porsches/Ferraris/Lexuses all about whatever town he happens to be in? Not so understandable but, hey, what's a girl to do, right?
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