The last housing bubble was enjoyable. Housing stocks like $TOL and $HOV moved like internet stocks and the local real estate was rife with speculation — causing even homeless men to ‘play the market’ and become true players in the housing extravaganza.
You didn’t need any documentation back then and loans were given out freely, without a care in the world. I took out a mortgage with a home equity loan attached to it. I could do as I liked with the money — no strings attached — so I bought some Google calls with it and saw it expire worthless inside of a month. Losing the money was a minor set back. I didn’t care about money then as I do now. I viewed it as transitory, small little pieces of paper that could easily be reproduced at my desk by doing a few trades.
Commissions were gauche and I didn’t have an issue making as much as I wanted. It all was dependent upon the amount of time I wanted to work. If I wanted to make, for example, $40,000 for the month, I’d have to work part time. If I was in a particularly fond mood of making money, feeling competitive and entrepreneurial, I’d work full time and make over $100,000.
The housing bubble only fueled this carnivale like atmosphere. Some of my clients would take their money out to spend on beach homes they were flipping — always angling for the next score. Truth be told, I was too busy reproducing cash at my desk than worrying about real estate. Many of my friends were active players in the bubbling hot Brooklyn market and ended up making permanent wealth as a result.
So when I see the housing sector up by 3% for the day and $XHB ripping higher, I am reminded of the halcyon days of 2003-2007 when life was absurd and the economy was roaring ahead atop of a gigantic bubble.
I want those days back. I don’t give a shit about moral hazard and the fact that bubbles eventually lead to dark endings.
All endings are dark, friendo. Let’s get this fucking party started.If you enjoy the content at iBankCoin, please follow us on Twitter