"Wes" wrote in message
...
"Ed Huntress" wrote:

I don't follow what you're saying here. People were making millions
flipping
all kinds of crap houses. As for ARMs, the idea is that you refinance at
a
fixed rate when the time is right. Only now you can't. It didn't look to
*anyone* that such a thing was likely to happen.


Enron once looked like a sure fire deal once upon a time. I just do not
see
why government should bail people or companies out for poor decisions.

You seem to be endorsing the idea that we are NOT responisible for our
actions.

Wes

You seem to be in the dark about the idea of scale. What you are talking
about is small scale. I'm talking about large scale. There is a big
difference between the two. If something happens and people don't pay their
mortgage they should lose their property. But if the same thing happens on a
massive scale all over the country it's a different kettle of fish because
if it is as widespread as this problem is it doesn't just hurt the people
involved in the transaction. This problem is so big it is a threat to the
nation and the economy as a whole. It could do a huge amount of damage to
the entire country. Consequently, it can't be looked at as a simple case of
someone not paying their house payment. With your point of view it's lucky
for the country that you are not in a position of authority. You'd be like
Hoover in the Depression, just not getting it.

Hawke