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	Name:	Talullahhound -
	Subject:	P.S.
	Date:	11/4/2008 4:41:34 PM

Yes, I do think that Wall Street was greedy. They sold financial products that they knew were risky to make a huge profit. And I do think that a lot of people had unrealistic expectations about buying houses that they knew they couldn't afford. They took adjustable rate mortgages, didn't they? Were they worried how they would pay for the loans once the rates went up? You see, I don't buy a lot of the rationale that innocent people were snookered by unscrupulous mortgage brokers. Yes, I think it happened to a small group of people, but for the most part, I think a lot of people said "I want a house now, I'm entitled to have a house,and I'm going do whatever it takes to get it, and worry about how to pay for it later.
And I don't particularly want to have to bail them out now and make it "affordable" for them. Suppose I bought a $2M house on an adustable rate mortgage? When the rate when up, and I couldn't afford the payments, would you be in favor of the government stepping in and making it affordable for me? No, likely would say that I should not have bought a $2M house that I couldn't afford except under the most favorable rates.
And what about the people that bought up houses at favorable rates in order to flip them, but then when the market went south and they couldn't sell them, they just walked away. Should I feel sorry for them too?