Quote:
|
Originally Posted by 9th Engineer
Am I supposed to feel sorry for people who lose houses that they could never afford in the first place?
|
No. You are suppose to say that a so called 'booming' economy was partially due to people taking houses they could not afford. A later resulting recession created by an economy today inflated by wild and irresponsible government spending and other financial instruments that create only paper wealth. Just another reason why Fed rate increases are so necessary to soften a resulting recession.
Where are the next product innovations that will pay for those houses? Instead we spend money in Iraq on a war that was only supposed to cost $2billion and be paid for by oil revenues. "Mission Accomplished" creates innovative products? Yes, according to MBA (George Jr) reasoning. This 'flush with money' economy also makes those houses affordable today. Then when those now $450 billion bills (a number that increases about $100 billion annually) come due, who can no longer afford the house?
You don't care about anyone who loses his house. You care about everyone in an economy that is booming only because Cheney says, "Reagan proved that deficits don't matter". Eventually those bills come due. Much of them bills will be paid to China who is currently financing the "Mission Accomplished" war.
Yes, deficits don't matter when your heart will not last long enough to have to pay those bills. Another example of the heartless. And yet he and I both agree - you don't give a damn about any one homeowner. Where we disagree is what happens when the debts come due and no innovation occurred to pay for those debts.