One Trillion Dollars of Debt

Originally posted by smw6869
A trillion dollars! Chump Change. I chipped that much off my gold plated urinal while passing a kidney stone.

GRANNY.

I'd have a urinalysis done if I were you granny, that much gold doth not just from a kidney stone dissolve. You may be passing hydrochloric acid as well.

Originally posted by huckleberryhound
If things keep going the way they are, i might be able to afford a house here....neato 🙂

As long as you are happy keeping it and have no desire to sell up at any time in the near distant future. Ask the Japanese what deflation looks like. 300 year mortgages anyone?😀😀

Originally posted by der schwarze Ritter
What needs to happen, and what you and the left-wing media don't understand is that we don't need a mortgage bailout, we need for housing prices to become attractive again. Rather than bailing out a bunch of people who bought more house than they could chew, the market needs to correct itself and those people need to become renters again. Also, w ...[text shortened]... en we'll be bailing out the bankers and other lenders. I say: Let the market correct itself.

I have several years experience in foreclosures and you are correct to say that the market needs to correct itself. These houses were purchased with the belief that the bubble would not burst and prices would continue to rise indefinitely. Most of the problem is greed. People who have mortgages with adjustable rate mortgages (ARM) are made specifically aware that monthly payments could rise significantly.
But you are wrong when you say that when a home goes into foreclosure someone else will get a bargain. That is usually true for homes where 8 years or more have been paid on a 30 year mortgage. All this goes out the window when the value of a property drops suddenly by 25 per cent. Banks do not sell properties at less than the note when a foreclosure auction happens.
A bailout is for the benefit of lenders ultimately. These lenders were raking in huge profits until the bubble burst. They should not be bailed out now at the taxpayer expense.