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Originally Posted by justindew
I'm not exactly sure what you are asking me. But I'll try to respond.
What EXACTLY is the problem with the housing market? I don't consider a decrease in prices off their insanely high levels of 2005 to be a problem. Again, prices are higher than they were five years ago. And the only people who are going to be HURT by the "housing crisis" are A) people who bought houses they could not afford and had no business owning, B) people who used their homes as ATMs, and spent cash that they didn't really have by refinancing, and C) realtors and mortgage brokers, who also happen to be part of the problem.
Again, if the Jones family loses their home to forclosure and has to move out and rent a home, are they REALLY any worse off than they would have been had they done the responsible thing to being with (rent)? No. Their credit rating will take a hit. But they are hardly ruined.
The media and the democrats have made a campaign slogan out of this, citing the "poor people who are going to lose their homes." Well, 9 times out of 10, those homes never should have been theirs to being with. So I feel no sympathy. AND THEY AREN'T GOING TO BE LIVING IN THE STREET. RENTING ISN'T A BAD THING.
I'm not dismissing anyone. The OVERWHELMING MAJORITY of people who are affected by this temporary downturn in the economy have themselves to blame. Unfortunatly, neither the media nor politicians on either side of the aisle gain anything by holding people accountable.
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So the only ones hit by this were the people who took out the loans ?
Go to google and type in "CDO". I agree that a lot of the people who got hurt had zero business getting these huge loans/mortgages...but to say they were the only ones affected is moronic. There are a TON of people who are being affected by whats going on, and had nothing to do with these bad loans. Go do some reading on Auction Rate Securities and whats goin on with them, and how their failures are effecting not only a lot of people...but a lot of businesses.
Your views are beyond distorted...just like the guy you are obviously a big fan of who thank god is a goner in 6 mos. It's kinda funny how his colossal screw ups are gonna hurt his party big time in November.