Si modo
Diamond Member
- Sep 9, 2009
- 44,120
- 7,138
Yes, they are. But, the brighter ones know that. (The Useful Idiots do not.)I watched it happen! It was a vicous circle. People started refinancing homes like crazy just to take the cash out. They spent the money on improvements, vacations, new cars, gifts for relatives. They got to feel wealthy for a while. Then they couldn't borrow anymore. That $160,000 home had gone up in value to $750,000. The homeowner took advantage of liar loans and no doc loans to take the equity out. They had a $500.00 a month mortgage when they bought, and now have a $3,500 a month mortgage. They expected to keep refinancing and paying the $3,500 mortgage with new equity money. They ran out of equity money.
That's what happened!
Yet there were people who didn't get suckered. I know people now quite comfortable in their homes. While the housing bubble grew, they just plugged along, never refinanced, just kept on like there was no free money out there. They are okay.
This^^
There is plenty of blame to go around for the mess we are in. Ironically, the OWS idiots are blaming the group of people who actually could get us out of this mess. They are shooting themselves in the foot.
The brighter ones are looking for something else, though - complete trashing of the Constitution so that we can become their socialist utopia.