I don't know if I agree with one of the premises in this article, namely that the subprime crisis was a result of buyers' unrealistic perception of their class rather than of their finances, but Michael Lewis makes some interesting points in this article about the time he and his family spent renting an enormous house in New Orleans. I've been watching a lot of "Million Dollar Listing," and it's easy to wonder why brokers spend so much time talking up features like cabanas and wine cellars that most people live happily without. Lewis, on the other hand, describes how these luxuries soon seem like necessities and then, in a series of events that seem straight out of a very tame horror movie, into headaches.
Portfolio: The Mansion: A Subprime Parable
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