Quote:
Originally Posted by JohnnyD
I have met quite a few people who at first look you would expect are extremely wealthy. But in actuality even though the husband makes $200k/year, they live paycheck to paycheck. I also know people in this category that are going to lose their house. They bought the absolute biggest house they could afford on an ARM and then eventually couldn't afford the payments - missed payments on the car, truck and house and are now in foreclosure. I don't feel bad for these people - they have completely over extended themselves without any safety net by living above their means.
|
Bingo,very big part of the current crisis.
Next debacle will be the defaults on credit cards.
Ihmo, if Greenspan had acted slower on reducing interest rates, the bubble could have been deflated a lot slower stabilizing things over a long period of time.
But ya know we were/are a country of, "i want it and i want it now."
Threaded Mode