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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Tenchusatsu who wrote (577361)	7/22/2010 1:43:22 PM
From: SilentZ	Read Replies (3) \| Respond to of 1571336

>Bullshit. People heard from their friends and saw in the media how hot the real estate market was. They all wanted a piece of the action, either by buying a house they couldn't afford or by refinancing based on inflated home equity. >When someone made money, that person was a "genius." When someone is underwater, that person is a "victim." >How stupid is that? It's stupid. But it happens over and over, and was encouraged by the government, the banks, the mortgage companies, the media... When everyone's telling you you need to be part of the "ownership society," that's what you're going to try to do. The people that we're supposed to to be the smartest people in the world informed us over and over and over that investing in real estate was the way to go. A very wealthy mentor of mine told me, who went to business school at Wharton, about six months before the bubble burst that his very wealthy and successful father told him when he was younger that real estate is always a safe investment. I didn't buy it. The investment banks' mathematical calculations for their investments all assumed that not only would real estate values never decline like they have now, but that they'd never decline at all. The fact is that our current situation is based on a systematic failure based around the greed of the people at the top. We were sold a bill of goods. The people who sold it to us should have to pay to fix it. -Z