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Politics : Ask Michael Burke

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To: PaperChase who wrote (62609)	6/17/1999 10:27:00 AM
From: Ilaine	Read Replies (1) of 132070

You are right, I don't understand how mortgaging your house for more than it's worth and maxing out your credit cards is a good thing. My bias towards fiscal conservatism stems from the fact that I am from Louisiana, and have experienced or observed the effects of recession and deflation. I know what it means to people to have the market value of their houses decline - when you try to sell your house, you have to bring money to the table. When we moved to Northern Virginia about 10 years ago, there was a real estate boom going on. People were engaging in bidding wars for houses. No one wanted to believe me when I said that housing values can go down - people got really mad at me, or said that things like that only happened in places like Louisiana. Well, I didn't have to wait long to see it happen here. I remember what happened to Louisiana when the price of oil went down. I remember what happened to some investors when the price of gold went down. You seem to believe that stocks can only go up. Well, good luck to you.

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