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bpuharic

On Sat, 01 May 2010 23:28:52 -0400, wrote:

On Fri, 30 Apr 2010 06:26:12 -0400, bpuharic wrote:

They bought houses that they could not afford to pay for.

and, given the fact that home ownership has run at about 65% for 40
years, the difference in the number of people who defaulted in2007 vs
1997 should have had a MINOR effect on our economy EXCEPT FOR:

You are talking about "need" houses and ignoring the huge number of
"want" houses that were sold. There were a significant part of that
65% who owned 2 or 3 houses, hoping they could flip them for big
bucks. The tax code actually encouraged buying 2.

which is alot of words about nothing. again, the problem isn't the
middle class.

it's people like fab tourre inventing financial instruments that draw
money out of the economy by the TRILLIONS but do nothin productive.