No argument there. I object to the cartblanche labeling of "idiots" for buying more house than they can afford. I have been there as well. Then the market to a dump in 2001, My family was living in Austin (hit VERY hard). My wife and I were bringing in GOOD money. We had our first kid on the way a very manageable mortgage, $400/month auto payment, etc. Her company went out of business, bonuses and raises were suspended at my company, house went upside down by $20K and was forced to relocate to the NE or go work at Home Depot. Tough times.
We didn't get scammed but never bought too much house and are not "idiots." We did get pretty desperate there for a while, however, and did a little "legal" scamming of our own with our finances and mortgage companies.
Not many people would be able to pull out of that situation intact. That you did is a credit. I bet you had few if any loans except for the house.
Trying to lump these people with the new crop of speculators with creative loan packages is more than a little stupid. Totally different issue. Scammers are always out there ready to pounce on the desparate.