This one never gets old. Originally coined in August 2005, which seems like ages ago, it is still very relevant nowdays.
So besides the fact that it might make you laugh (although ironically perhaps), it is a also a very good reminder of the “situation” and can help pass some messages during finance classes…
Some random definitions below:
Sheeple/Sheople: Derogatory term for the vast, clueless, herd-following mass of homedebtors, who are unaware of the Bubble’s existence, believe what MSM tells them, and have no idea of the ass-pounding they’re about to receive.
NAAVLP™ (Negative Amortization Anal-Voodoo Loan Product): Term coined by the legendary Surfer-X to satirically encapsulate all exotic loans varieties (above). He is a Patrick.net “old-timer” who’s acerbic, anti-Boomer rants added much color to the early threads. An alternate definition was provided by Peter P, another blog “old-timer”: National Association for the Advancement of Very Leveraged People.
Monopoly Money (aka “funny money”): The anti-spin term for MEW or NAAVLP-derived debt. Used to counter RE industry Orwellian terminology like “liberated equity”.
And there are tons of them !
Please enjoy : Housing Bubble Glossary