Do you think OC caused the world economic meltdown? (Riverside: foreclosures, mortgages)

[matzoman]

It is a known fact Ajustable rate mortgages were invented in sleek offices in Newport Beach. Large masses of people saw their chance to use their home as an ATM. Encouraged by wall street OCers maxed out their credit cards to the limit, especially the Coto,Ladera Ranch crowd. Waves upon waves of waxed Hummers were storming the parking lots of south coast plaza and fashion island. Herds of buxum blond, broads with botoxed lips and crazy paxil eyes were in a frenzy. Flipping houses was a hobby. This new predatory breed of OCer also had its brood and ilk in other parts of the country. Scotsdale AZ, Las Vegas, and a majority of the LA area mass consuption class was getting hungryer and hungryer. Television shows like 'The Real Housewives of Orange County and The Millionaire Matchmaker were actually being taken LITERALY. All the while responsible, salt of the earth Americans in places like the midwest sat in front of the tube in disbelief. Some also joined in on this 'hungry, hungry for more stuff culture and started swarming,buying,and eating at an alarming rate. This is not to say that some possitives did not come out of this,merchants,sales people,and people in the service sector were making good money and putting food on the tale for their familys. Then one day the roof caved in and welcome to the here and now. Any thoughts fellow americans what we can do now?

[buckeyenative01]

Greed and keeping up with the jonses is everywhere. For as many people in the midwest who watched in disbelief as the economy tanked, there were just as many in California doing the same thing. Some of us are/were going to be screwed by this no matter how hard we tried to live within our means.

All anyone can do is thank their lucky stars unemployment/foreclosures/bankruptcy hasn't happened to them...yet. We haven't begun to see the worst of this.

[Donn2390]

Originally Posted by matzoman

It is a known fact Ajustable rate mortgages were invented in sleek offices in Newport Beach. Large masses of people saw their chance to use their home as an ATM. Encouraged by wall street OCers maxed out their credit cards to the limit, especially the Coto,Ladera Ranch crowd. Waves upon waves of waxed Hummers were storming the parking lots of south coast plaza and fashion island. Herds of buxum blond, broads with botoxed lips and crazy paxil eyes were in a frenzy. Flipping houses was a hobby. This new predatory breed of OCer also had its brood and ilk in other parts of the country. Scotsdale AZ, Las Vegas, and a majority of the LA area mass consuption class was getting hungryer and hungryer. Television shows like 'The Real Housewives of Orange County and The Millionaire Matchmaker were actually being taken LITERALY. All the while responsible, salt of the earth Americans in places like the midwest sat in front of the tube in disbelief. Some also joined in on this 'hungry, hungry for more stuff culture and started swarming,buying,and eating at an alarming rate. This is not to say that some possitives did not come out of this,merchants,sales people,and people in the service sector were making good money and putting food on the tale for their familys. Then one day the roof caved in and welcome to the here and now. Any thoughts fellow americans what we can do now?

..and it happened nowhere else but OC....? Amazing what goes through people's minds....

[buckeyenative01]

Originally Posted by Donn2390

..and it happened nowhere else but OC....? Amazing what goes through people's minds....

Probably had something to do with the rise and fall in popularity of that TV show The OC...

[matzoman]

Originally Posted by Donn2390

..and it happened nowhere else but OC....? Amazing what goes through people's minds....

Read the original post carefully sir. I said CAUSED by the irresponsible consumption culture of OC.

[ocexpo]

Because LA and Riverside fared so well in this fiasco?

Silly comment.

[matzoman]

Originally Posted by ocexpo

Because LA and Riverside fared so well in this fiasco?

Silly comment.

Everyone is feeling the pinch now. The question is;do you think the commercial culture of OC had something to do with it? As in if you have millions of people who think maxing out their credit cards on crap not needs and stick their heads in the sand at the mention that the money is the banks not theirs and they have to pay it back? What happens now?

[buckeyenative01]

Originally Posted by matzoman

As in if you have millions of people who think maxing out their credit cards on crap not needs and stick their heads in the sand at the mention that the money is the banks not theirs and they have to pay it back? What happens now?

That's not unique to Orange County, its everywhere, and its been everywhere since the start of this economic crisis. Look at how hard the Rust Belt's getting hit and Orange County's problems almost pale in comparison.

As for what happens next, start lining up in the soup lines.

[killer2021]

OC caused it? More like CA caused it! A long with wall street and fed policy. The fed, however is the number one to blame. If interest rates were never so low, no one would be able to get the easy financing because no one would lend it to them.

[matzoman]

Good map, very informative. Maybe the rest of the USA should just give Califas to Mexico and just count it as a loss!