How about the “Scars of Being Priced Out Forever?” What about the psychological damage done to the next generation who now has no chance of buying a home because of the Housing Bubble?
What about the young people who now have to move across the country (or out of the country) to find affordable housing because the whole system, public and private, needs to keep fraudulently inflated prices high in order to keep our Ponzi economy running?
Mr. Shiller says, “The pain of this reverse movement could leave a psychological scar that will be with all of us for the rest of our lives.”
My response is, the pain of this reverse movement NEEDS to leave a psychological scar with you for the rest of your lives, because YOU CAUSED this whole mess. What you are proposing in all these “homewoner” bailouts, in typical Baby Boomer fashion, is to let yourselves have all the gain and make the next generations pay for it, again.
