On Wed, 25 Oct 2006 14:36:03 -0400, "Proctologically Violated©®"
wrote:

The real estate boom *does not* benefit you and me, much as we might ogle at
our own paper windfall. It is really a damacles sword, and in fact it ****s
*everyone* except developers/investors/politicians, and except for the few
people lucky enough to be able to retire, sell, pocket the profit, and move
to cheaper areas, during the boom-times.
==================
You are absolutely correct.

For Harry Homeowner who remains in his house, the only thing that
happens is his real estate tax goes up because of the increase
paper valuations. Lets see how fast the assessors are to reduce
his valuation and taxes when the markets go down.

Second bad effect is that Harry succumbs to the "easy money" ads
and borrows against his increased [paper] "home equity" at
usurious interest rates.

More financial crack/crank for the suckers, er.. citizens. Is
this the "brave new one world order's" version of an opiate for
the people?

Unka' George (George McDuffee)
...............................
Only in Britain could it be thought
a defect to be "too clever by half."
The probability is that too many people
are too stupid by three-quarters.

John Major (b. 1943),
British Conservative politician, prime minister.
Quoted in: Observer (London, 7 July 1991).