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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: quehubo who wrote (232513)	12/24/2007 11:58:42 AM
From: LindyBill	Read Replies (2) \| Respond to of 794399

Then during the bust a generation or two must learn to live within their means and pay off debt incurred when they were living well beyond their means. It's a matter of borrowing within your means. When I bought my house in 64 for 23K I had a wife and three kids and an income of $600 a month. All of the ballooning of debt and home value got easier and easier as time passed. I kept increasing my income. Some of the people caught in these ARMS got overfinanced. But a lot of them were speculators. Who deserve to take their lumps. It's the classic real estate pattern.