Most of the people who are looking at big mortgage resets were already screwed well before they took out mortgages they could not afford. Most of the speculators have bailed out by now, some having lost money, others just getting less than they though off the table.
The roughly 1.5 to 2 million who are facing foreclosure generally don't include hedge fund operators, engineers, or bankers. We won't find many policemen, firemen, math teachers, bank clerks, or even big rig truck drivers. Anyone with enough sense to be given any authority, or exercise any judgement, handle a 60,000 pound truck, or even count, tended to avoid these loans.
They may get an expensive lesson, but not all will learn from it.
All that stuff you want to do to them has happened to most of them already.
Below the level of upper-upper middle class, where daddy can make sure you are Vice President of Interior Furnishings at the local bank, the US is a meritocracy with a strong Darwinian under current near the bottom.
To some degree, the price of economic freedom for all the smart people on computer bulletin boards is that the weak become prey. |
