Posted by David Sherman on Friday, October 12, 2007 at 02:12:35 :
In Reply to: Serves everyone right.... posted by Jonas on Thursday, October 11, 2007 at 21:45:03 :
Most of those houses in foreclosure are ones that were bought by speculators with little or nothing down trying to flip them for a quick buck. Now they're letting them go. I bet most of them never even had anybody living in them. We'll hear the sob stories about families put out on the street by the heartless bankers, but most of these foreclosures are people who made a high-risk bet and lost.
The scary thing is that the Fed seems determined to bail them out with more cheap money even if it wrecks the rest of the economy.
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