The Depression of 2008

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Posted By: Cobby33

I can't believe this.

People have always been irresponsible with money and they have dealt with it one way or another. People have also used refinance money to go on vacations, etc. There are no laws against that.

True, perhaps families with a $60K combined income shouldn't be buying $500K homes, but the picture is much worse than that. There are people with $100K-plus salaries (in CA at least)- who are being foreclosed on OR who are having a difficult time making payments. AND they are not stupid people- they relied on the promises of scumbags in an unregulated industry. They have also relied on the government to do the right thing, instead of the government (both GOP and DEM) making poor financial decisions and NOT being forthright with the true financial picture. It is also the fault of the banks for ENCOURAGING appraisers to artifically raise home values- which in turn made them more money.

Irresponsible spenders do NOT create an epidemic like this and instead of blaming these poor people, we should be trying to help them (or at least reserving judgment).