Monday, April 2, 2007

New Century Financial Corporation: Officially Toast

New Century Financial Corporation of Irvine, California has declared Chapter 11 bankruptcy, agreed to sell off most of its assets and decided to lay off some 3,200 employees.

No surprises here.

For anyone who in the future wishes to question the reasons why their 2008, 2009 and 2010 federal income taxes increased substantially, bookmark this story now.

Your future tax dollars will not doubt be utilized by that all powerful, massive building with arms and legs that walks around and "does shit" called the Federal Government.

Your money will be used to bail out the reckless and greed-ridden actions of these NCF dolts who handed out high-risk mortgage loans to financially illiterate American families across the country like it were candy at a Labor Day parade.

Aren't you were glad you lived within your budget? Aren't you pleased how you lived within your means?

Do you not yet realize that you will be effectively paying off your neighbor's Ford Mustang Saleen that he bought for his wife with that HELOC!

Now, on to happy thoughts!
Take me to a safe place where there are happy thoughts, happy thoughts, happy.......

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