Where did you get your figures? http://www.doctorhousingbubble.com/forum/viewtopic.php?t=85 http://pewsocialtrends.org/charts/?chartid=542&topicid=5 http://mwhodges.home.att.net/nat-debt/debt-nat-a.htm From the last link:
I know. Its completely fucked. We're gonna see the US go into a major collapse within 10 years. Probably 5. I can't believe this shit. Honestly, people are so God-Damned ignorant, now-a-days.
I'm just talking defaulted mortgages. If I'm not mistaken, that number is around 1 to 2 Trillion. That's all thats needed. Assuming defaulted homeowners file for BK, we kick them out, most people maintain payments.
Well, not to worry. A phrase was invented when Gore lost the 2000 elections, and it is sure to be a popular out for all frustration by the masses, at anything that goes wrong from here on out... "It's Bush's fault."
Earlier than that Paulson asked for a "bazooka" saying that just having it would be enough and he wouldn't need to use it. This mess gets worse by the minute. If we ever did buy out the troubled mortgages, any deadbeat who failed because he was living beyond his means should be put in debtors' prison.
Go ahead and bail out home-owners. If anyone accepts the bailout, it ought to effect their credit for at least 20 years. Maybe then they'll learn a lesson.
It's a crazy, crazy world we live in. How much would it cost to build a new financial system, and allow the failed ones to fail?