a dog-eared town

So NOW the idiots in Washington realize there is a problem with the real estate industry and now and only now they want to do something!?!

Treasury Secretary Henry Paulson said Thursday that a presidential working group wants stronger regulatory oversight of mortgage lenders to avert the kind of credit crisis that is dragging the economy down.

Ha.

And again I say HA.

Essentially the government wants to try and legislate greed and stupidity away. That’s amusing in it’s hubris.

Let’s be honest. There’s been a bubble in the real estate market for years. Everyone turned a bilnd eye because everyone was getting paid. That the piper has to be paid now is the downside to the bubble.

That was obvious to anyone that wasn’t in on the action.

Oh and, people were aware of the problem, over and over again. Even problems about the fraud. But people kept getting paid so it wasn’t a problem.

I might have some sympathy if I hadn’t seen this happening real time and been writing about this since 2004.