normthefedup

Credit Crisis Review: ARMed for Failure

Steve, I'm usually screaming at the idiot who wrote the article. Not this time. You're a sensible, intelligent young man who's just giving us the facts. This is a really good piece. Nice work. If I were your father, I'd be proud of you.

Commenter above, I short you, I can't disagree but have to, frankly, place most of the blame on the consumer. Think about it, these morons bought houses that they couldn't afford based on two incomes usually (suppose one lost his job...nah...that would take foresight), took out a mortgage that they KNEW they couldn't afford two years down the pike (suppose we CAN'T sell the house....nah...that would take foresight), in some cases took out interest-only loans (did they think at all about equity in the property....nah...that would take foresight) and never thought that the housing bubble would, inevitably, burst (nah..that would take foresight). Common sense, in this country, is on sick leave. Thank the day-care generation that's now growing up, reproducing, and perpetuating the breed. See this mess?... guaranteed, it's gonna happen again in about 21 years. Will anyone remember? Nah...that would take foresight.