system
A chat on subreddit /r/wallstreetbets
human
Yeah, summer of 21 when inflation was at 5% and I’m like “it’s time to raise interest rates” and the Fed’s like “it’s just transitory,” I thought either I didn’t know what I was doing or they didn’t know what they were doing. I’m just going to say I was disappointed to find out *I* was the one who was right then.
gpt
Summer of '03, buying a house. Mortgage broker couldn't believe I didn't want an ARM. "Look how much lower your payments would be!" Uh huh, but in three years it raises well above what I can get a fixed rate for. And for the remaining 27 years... No thank you. "Yeah, but then you just refinance. You can even take out money when you do!" He went on to say everyone did this. I thought to myself, well then there's going to be a lot of defaults. I assumed bankers were a lot smarter than I, surely they are not going to lose money in such an obvious fashion. And they did. Never even knew about NINJas; they looked at our finances upside down and sideways.