Good gosh, how can people be so stupid? The people now underwater on their foolish loans seem to have two things in common: inability to control their spending appetites as fueled by advertising, and a mind-boggling economic illiteracy. Add in short-term instant gratification mentality and a failure to plan for the long term.
Where are the public schools in teaching these people the financial facts of life.
About the only positive element of the proposed housing bailout bill is a small part that would teach the bailee how to not get into trouble again. Better late than never.