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To: kailuabruddah who wrote (23405)	2/11/2005 6:49:17 PM
From: mishedlo	Respond to of 116555

bruddah welcome to the board. Make yourself home and post often. Mish

To: kailuabruddah who wrote (23405)	2/11/2005 6:59:06 PM
From: Rob Fritz	Respond to of 116555

This says it all (from the same article): ``We know in the long run the house will appreciate so much that we're going to walk away without having to pay the principal down, really,'' Gonzalez said Wednesday in a telephone interview. While the home purchase is ``a stretch'' for the family's $155,000 annual income, Gonzalez said, ``we're going to walk away millionaires.'' I know of 5-6 couples in the Bay Area with $800k-$950k mortgages without a worry in the world. Scarey (to me at least).

To: kailuabruddah who wrote (23405)	2/11/2005 7:28:29 PM
From: mishedlo	Read Replies (3) \| Respond to of 116555

If you want to puke read this: US “overconsumption” saved the day, providing demand for the world’s goods and keeping emerging economies from imploding due to their own domestic consumption collapse, high debt, and excess production capacity. Our consumption was fueled first by a strong domestic stock market, and when that gave way, by falling interest rates and ample liquidity supplied by the Fed. leggmason.com

To: kailuabruddah who wrote (23405)	2/11/2005 7:39:01 PM
From: patron_anejo_por_favor	Respond to of 116555

<<Such was the case today on CNBC, as Steve Leisman and a guest described American consumption as being "a sacrifice," and American consumers as "bearing the brunt of world consumption," and of having an "obligation to consume.">> Only in America would someone (an "economist" no less) be so foolish as to proclaim consumption a virtue. I overheard a great phrase describing the firefighter who bought the million dollar mini-McMansion....a "30,000 dollar millionaire", i.e., someone making 30K borrowing enough to spend like they had a million. A regular disease in Scottsdale, Summerlin and SoCal.<NG>