It's ok for an average guy to be stupid and greedy. As a consequence those people didn't lose much money wise and went back to renting as what they probably did anyway before buying a house. It's not ok to be stupid and greedy for the government and banks. Their loss money wise is 10 times greater of what the ordinary home buyers lost ( maybe even more with all those 'No money down' pitches) and because of their greed and stupidity the entire financial system is about to collapse.
It's NOT "ok for an average guy to be stupid and greedy" because there are millions of average guys. Do you think the obesity "epidemic" is McDonald's fault?
Yes, McDonald sells it's junk food because it wants to get richer. People buy the junk food because they are hungry. And when people are hungry they think with their stomachs not brains.
lol, 50k is not possible. 100k after taxes might be possible, but there will be no money for anything else. to comofortably afford a million dollar home, you need to make atleast 250k. even that might not be enough if you want to save also.
Ben Stein earlier this year was saying everything was fundamentally sound, and that the market falls were just the work of bearish "speculators". Now 6 months later he suddenly thinks it was in fact real, and that the speculators he lambasted were right all along? The guy needs to take a seriously dose of humility, and then work on getting his credibility back.
If you really believe that you're the sad victim of incorrect thought and need to be protected from yourself.