most analysts are correct in saying this is not as much about the "failure of the american dream" but more of a reset on what it really means to have an "ownership economy". Most of those folks who went after these ginormous homes with kooky mortgages really just let the banks own the homes. Credit is a replacement for hard and tactile ownership. I think that idea has changed to anyone who's noticing what's happening.
Life sucks when greedy people get a little too greedy. Fuck them. The only sad thing about this is the people down the line who did no wrong and now find themselves screwed over.
Oh, you were alive during the great depression?
Get a brain, morans! It is UNPOSSIBLE to understand the past if you weren't part of it!
They've got $30,000 SUVs and I'm supposed to believe they're destitute? Fuck them. Sell the damn auto, move into a cheap apartment, and work for a living like everyone else.
Yeah really. These people got into real estate and other very risky jobs, and were reaping the benefits while the market was artificially inflated. Now that their schemes have shit the bed it's all "woe is me!"
This first idiot owned a million dollar house with a $5k per month mortgage (yikes), and then buys another house without selling the first. HELLO? Isn't she supposed to be a professional RE agent, and know the market? She has only two excuses for being in the position she has found herself in: she's greedy, and she's an idiot. Fuck her.
They really need to be talking to the people who were just barely making it to begin with, and who were convinced by RE agents and mortgage brokers that they could afford a lot more than was true. I never like to defend people for making uneducated decisions (read the fine print, and do the math, people) but some of them were outright lied to, and now they are living in their $500 cars. If that.
5 stars for the evil of these "victims".
I don't think it's evil at all. I think they were taking part in a an America driven by status and materialism, and it's not their fault. That is, or was, the America that people chose to create and value. Perhaps they were not that smart, and it isn't fair that responsible people (like my poor fucking parents god damn it) have to bail them out, but they can NEVER look down on anybody ever again with a clear conscience. The "happy credit bubble" has been popped. Even after the relatively minuscule bailout, they will still be paying for what they did with a shit credit credit rating. Values are changing, and I think for the better. I think it's for the best, actually.
Death of the American dream was in the late 1990's till "the crisis", when some of these fuckers jacked the prices of affordable homes to insane heights (at least in Cali).
100k homes in 97, jacked to almost a million dollars for the last 10 years, now coming back down to 100k? This crisis is the fucking re-birth of the American dream.
...and being homeless sucks, no matter what. Even if my sympathy for the "why" is at zero.
Needs a Casey Serin tag.
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