contraman, clearly you’re irritated by the shenanigans that borrowers engaged in, and the reaction of the “adults”, who are falling over themselves to prevent full punishment for the multitudes who enagaged in the shenanigans.
It is absolutely infuriating when people who were given very valuable and almost free put options on a housing asset now are portrayed as victims, and everyone is throwing money in their direction, pretending that it’s a rescue effort for the larger economy, “to help us all out”. It’s nothing but a selfish bailout for the people who took a risk and lost the bet.
All but the dumbest 1% of buyers, mortgage brokers, investors etc knew in their hearts exactly what was going on, that they were going to get rich if the markets kept going up at unsustainable rates for just a few more years. Now some realize the music has stopped and they lost the bet. And they don’t want to pay. Now they want to have someone else to pick up most of their tab, “in the interests of the greater economy”. And they are getting lots of help. BS.
OK, I’ve had my evening wine and am now finished my emotional rant. Back to figuring out how I can get a decent home of my own without paying an arm and a leg.
