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To: Joan Osland Graffius who wrote (161142)	4/20/2002 3:29:53 PM
From: marginmike	Read Replies (2) \| Respond to of 436258

Joan unfortunatly Americans have lived high on arogence and credit. I have many a friend who have failed to take heed, and even save a minimal amount of money. They believe they will always make money, therfore saving is irrelevent. I have a friend who makes 18-25K a month he lives in a 380,000 house and has 20K in the bank. He lives in FL with low taxes and cost of living. He gets a free car with his work. So My question is after the 3K mortgage, wheres all the money going? He also has no kids, no student loans etc. I dont get it. I had told him when he got married last year to stay in his apartement and save some cash. Many of my friends are the same way, spend, spend, spend tomorrow will be better so why save. I hear debt ads all day, they are beginning to give me agida. They blame those "mean, crual" creadators by telling you how to get them off your back. They forget to mention the best way to get them off is by not borrowing money. The ditech ads where people are pulling money off the wall like Wall paper is so "1999 Etradesque" to be freightening. It is my attitude that its not a housing bubble that we need to worry about but a credit bubble that will implode the somewhat overvalued RE market. What if lenders tightened standards dramaticly?