That’s a big assumption there, and I think people are going to find out just exactly how hard it is to compare renting to owning after this ridiculous bubble again. Renting isn’t any more expensive than owning, you just don’t end up with equity….which sounds like a horrible trade off in view of the crazy bonus homeowners found in this market where the equity jumped ridiculously upwards. But all these guys have the chance to see their investment turn upside down and the equity will look more like a noose than a pile of cash.

Well, to be fair, they mostly just made an ass out of him…on your side it just resulted in wasting time trying to figure out what he was talking about. If you had repeated his assumption it would have put you in the same spot.

I think the correct phrase is when you assume it makes you an ass. Not quite as clever, but more accurate.