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No Skin in the Game

The bad news was that I spent more than two hours at the Department of Motor Vehicles to renew my driver’s license (I was so smart, saving the money on getting a private eye exam…). The good news was that I had a chance to chat with some charming people, and one of them turned out to be a former real estate sales agent.

 

“I got out right before all the problems,” she told me, “But I saw what caused them.”

 

I asked her what she thought the reasons were that the real estate market tanked, and she happily elaborated. “Buyers got in with no money down, so they weren’t invested in the process. Banks immediately bundled up and sold off their loans, so they weren’t invested in the process either. In fact, no one who lived on Long Island had enough skin in the game to give a damn if we all crashed and burned.”

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