The World Has Truly Gone Mad...
... when WC Varones switches teams, buys an overpriced house with a fat stinking mortgage and decides to short the Treasury while wearing an I Love Ben Bernanke t-shirt and thrusting his "We're #1!" foam hand in the air.
If you read him (and you better or else JDA will come punch you directly in the cojones), you know what this means. That's it. Game over. We're done. Cooked. Fried. Salted. And served with a side of ranch.
Quote the raven, or in this case my friend the new "homeowner":
They will stop at nothing. They will bulldoze vacant houses to shrink the inventory. They will offer free citizenship to foreign buyers to stimulate demand. They will take more and more bad bank debt onto the Treasury's books. They will print infinite amounts of money to buy mortgages, Treasuries, Goldman Sachs CDOs, whatever it takes.
Doomed. Ironic timing, WCV switching teams at the same time I fell out of love with Richmond Fed's Jeffrey Lacker. The world has gone mad, MAD I TELL YOU.
Know what's the scariest part about it? Not that my little perpetually-renting, bubble-adverse, money-smart friend actually bought a house, but that he is absolutely right.
Pass the bubble, WCV, we have some credit cards to run up on the way down. Fuck it.
Hope you all have your escape hatch ready.