I always expected the massive gov’t intervention and never gave much thought to what would happen without because in my mind that was a fairy tale. I agree it is happening everywhere but dont agree on the level of distress being as high here as elsewhere. I see nicer cars in lower end areas and pretty much everyone I know around here is very fiscally conservative. Alot of the upgraded homes were purchased long ago at prices a fraction of where we are now. Pulling $50 to 100K out of homes like that still leave LTV’s under 50%. Whenever I look at loan balances on any given street around here I see far more limited levels of potential distress than you would want to beleive. Hard as it may be to beleive, the vast majority of your neighbors are just as responsible as you are.