“Many eyewitnesses have compared the post-tsunami scene in Banda Aceh to that of Hiroshima, Japan, after it was hit by an atomic bomb during World War II ”
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JWM, You are right..
Anybody who wants to compare this debacle to 1995’ish just doesn’t get it.
The fall in the 90’s was with people who ALL had something invested….. 100% loans, Stated Loans DIDN’T EXIST and people still were upside down and walked….
If I said that 25 times the number of people bought homes with no $ mo’ down, in this last run it might be an understatement, but even if only 10x is closer, do the math.
I can guarantee you that the number of people who bought homes in the recent 4-5 year run with no or little “skin in the game” is many mutiples of those that did come up with a down in the early 90’s, who still lost it all.
