That is true, especially in light of an overheated, overinflated housing market. In most places the subprime boom was very inflationary and jakced up taxes and interest costs. I agree that when the music stopped they were stuck with a too-expensive house and payments and their equity stake was too little to motivate a lot of people to fight out of it. My point is that the govt. should stay out of it and let this situation play itself out. Intervention now extends the pain. There will be pain regardless. I am troubled by the number of people who don’t feel obliged to ‘work’ their way out of their credit problems.
“There will be pain regardless. I am troubled by the number of people who don’t feel obliged to ‘work’ their way out of their credit problems.”
There won’t be any ‘pain’ if we elect Obama since we will ‘all be working together to solve our problems’. IOW, you and I and all the other tax payers will be working to solve everyone else’s problems and to relieve their ‘pain’.