On Oct 7, 5:24 pm, Mark & Juanita wrote:
jo4hn wrote:
Edwin Pawlowski wrote:
"Too_Many_Tools" wrote in message

Homeowners who bought earlier were feeling good. The market spike
turned the Gustafsons' $235,000 home into one worth $380,000.

Across the Valley, homeowners watching their home values shoot up,
borrowed against those gains.

"Talking to a lot of co-workers, everyone was doing the same thing -
taking out lines of credit, milking it for all it's worth," says
Matthew Berends, a homeowner in Surprise, another Phoenix suburb where
prices soared. His home is now in foreclosure. "In one year for a
house to go up $80,000, it's like too easy."

I hope the government raises our taxes so we can bail out these people.
It would be the right thing to do, don't you think?

\mantra mode on\ No New Taxes!! \mantra mode off\
We can borrow the money from the People's Republic of China.
barrrrrrrumph,
j4

How about we don't bail them out and neither raise taxes nor borrow any
money from PRC? People took a gamble, people lost -- that happens when
you take a chance. Why should the rest of us who recognized that prices go
up and down and thus didn't jump in and speculate on the rising bubble have
to have our taxes raised in order to bail out those who made poor choices?
I've lost money in investments; I never expected others to bail me out for
something like that. Used to be, people learned from their mistakes and
moved on. Now they get smarmy, sympathy-inducing AP articles written about
them and a government bail-out.

--
If you're going to be dumb, you better be tough- Hide quoted text -

- Show quoted text -

They likely got the idea watching companies getting government
bailouts.

How's the subpar mortgage industry doing?

TMT