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To: Hawkmoon who wrote (5421)	5/3/2004 2:16:18 AM
From: Peter Joseph	Respond to of 116555

Well, J6P cares only about his (ARM based) monthly payment, and does not even notice the actual price he is paying for a homestead. He certainly deserves the consequences for this financial recklessness. Reminds me of the dot-com bubble, when investors were margined to the hilt. New age valuations were measured in clicks and page-views. This time the leverage is in mainstream America. It is going to be immensely painful when the housing market (and the credit card economy) implodes. Timeframe not known. Here in Southern California, the bubble has reached surreal levels. Folks (especially in San Diego) are smug about their home values. This is the only thing they get excited about. Pretty shallow, imo. The place is simply not vibrant. Meanwhile, traffic is horrendous. Crime abounds. Superficiality is pervasive. Jobs (except those related to RE) are in the dumps. Schools are decaying. In other words, quality of life simply sucks. But sunshine, we have plenty of that. 100 degree days and roasting. "It is so bright, i have to wear shades all day."