No offense taken; I appreciate your contributions here greatly!
I think at times we are guilty of just as a myopic viewpoint as the perma-bulls. As with most things, the reality of any situation is somewhere between the extremes of the prevailing viewpoints.
I think the ‘devils advocate’ approach is that the are poor folks in the subprime market that are not living extravagant lifestyles, that are still at risk of foreclosure. Their toxic sub-prime loans are the best they could do. I have a feeling we will see people like this held up to the spotlight in the MTM by the REI in order to pressure a full bail-out.
That said, my personal opinion is that they should get dinged, just like everyone else. Nobody ‘has’ to buy; they made a decision to purchase something that ultimately they can’t afford. Not a sob story by any means.
But really, who is ultimately to blame here. The fool with the credit, or the greater fools providing it to him? In my opinion, they all need to be punished in the end.
