Greed coming back to deflate bubble economy

Ok, so basically what we've got in America right now is a clusterfuck of massive proportions in the Housing markets...

None of us have great credit, because (like good americans) we start off our professional life deep in debt already from School Loans, car payments, etc, yet also (like good americans) we have this driving need to live above our means, because thats what ya do.

Sooo, years pass, you do ok, pay down some things, but miss some payments here or there, or all over the place and your credit rating becomes shit, BUT... You want to be a real citizen of this fine nation and the only way to do that, is to own property...

Now, this is where the wonderful world of Sub-Prime lending comes in!

Just imagine! You can STILL get a mortgage for a house that is still a bit too much for you, for a much higher interest rate then everyone else! Whatever, at least you'll still have a house right?

Funny story there, cause the same people that couldn't pay their bills on time before, are not paying their mortgages on time either and MANY of them are beginning to give up altogether.

Now those poor greedy bastards that thought they had a wonderful opportunity to screw the working/middle class even more are losing money in bucketloads because people are just not able to pay them off. This presents a problem, since those greedy bastards that gave out said "Rape loans" (I prefer that term better, so I'll use that instead), actually came off as looking more valuable then they really were, since money owed them (as well as interest) were viewed as part of their net worth, and as such the market (stocks and such nonsense) got drunk off it all and started booming.

So in this wonderfully bastardized version of Capitalism meets Corporate Aristocratic pretend Representative Republic we live in, that enormous bubble of value that was created by those greedy bastards is now about to burst all around us...

Now, what does this all mean for us?

Hopeful version, is just a recession. Pessimistic version, given our penchant for pissing off nation-states, a wonderful opportunity for other nations to dump our currency and cause more and more problems for us as the value of a dollar continues to plummet (its no longer cheap to go to Canada??? WTF? That there is stripper money gone bad!)

Thankfully america, we do NOT have a lawyer in charge of this country for a change, so I'm sure that MBA toting, mentally handicapped executing, decorated war avoider can steer us straight... Like he has already....