I have no sympathy for these people who speculated on houses, absolutely sure they could only increase in value (tulips, anyone?) - or those who bought homes they can't afford by using ARMs and other creative financing. How about those who used their home equity as an ATM and are now upside down and couldn't sell if they had to. These people abused the credit markets and now they're paying the price. And you're blaming the federal government? Who bought the houses? Who applied for a loan whose interest they KNEW could go nowhere but up?
Who cares? Not me - unless maybe I can capitalize on it.
In the meantime, I'm living in a decent house with a 6.5% fixed rate mortgage, have two paid-for older cars, zero credit card debt and scads of cash saved. Why? Because I wasn't greedy - trying to buy things I can't afford (like a house on option ARM). I don't think this makes me a 'winner' but I'm quite certain I'm not a 'loser'.
Everybody should care if they don't want to see our economy go in the toilet.