Stanley Johnson: Credit Bubble Mascot
Posted by Ilan Goldenberg
Every market bubble deserves its own mascot. The symbol of all that was wrong with that era. For the internet bubble, that mascot is the pets.com puppet. I mean seriously? Investors poured millions of dollars into a business based entirely on selling pet food and other pet products through the internet? Really?
That brings me to my nominee for the credit bubble, Stanley Johnson of this Lending Tree ad that I was recently reminded of.
The ad was pretty funny two years ago. It opens with a well-to-do suburbanite living in a big house, in a great community, with a new car, and his golf club membership. After joyfully telling you about his life he looks you straight in the eye and gleefully says "How do I do it? I'm in debt up to my eyeballs. I can barely pay my finance charge."
In retrospect not so funny. But the most chilling part, is what comes next. The recommendation for how get out of this mess. Just use Lending Tree to get a home equity loan or refinance your mortgage to lower your monthly payments.
In the same way that the pets.com puppet symbolizes the absurd assumption that any business can be successful as long as it's on the Internet, Stanley Johnson perfectly encapsulates the idea that the old rules about debt simply no longer apply and that the value of your home will continue to rise no matter what.
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