An interesting question...

An interesting question, to which we may never have an answer....

In late 2001/early 2002, the "Internet bubble" popped.

Now, in 2008, the "housing bubble" has popped.

The question: were "the same people" causing both things? That is to say, were some "boomers" who started out against "The System," persuaded that they could beat the same "System" they opposed in their marijuana-trance youth? So they spent a large portion of their lives not working, and not saving. Then, when the Internet startup thing came along, they said "YAY" and bought Amazon for $200 and Petfood.com for $75.

That didn't work. So they told themselves, "Hey, real estate is where the action is" and turned to "flipping houses." They were very happy to find no-down mortgages and all the rest.

And now, apparently, they want to claim our sympathy as "oppressed people."

[rincondog]

Henry, don't you have anything in life to do except contemplate your navel or is it just psychological masturbation.

Henry, don't you have anything in life to do except contemplate your navel or is it just psychological masturbation.Henry can multi-task :bounce:

[Lunchtime O'Booze]

well in 2001 and 2008 my ears popped when I was in an aeroplane.

I think what you are saying Dear Henry-is that those who are losing their mortgages and such are to blame for all this. When people say..""Hey, real estate is where the action is" ..it's what families do..believe it or not. They buy these houses to live in and bring up their children. Even in America. Forgive them for their sad attempt to be part of the American Dream. They did try.

oppressed ?..I think it's more like depressed and bankrupt.

Come on admit Henry-you really are Alan "Henry" Greenspan aren't you ? You think you can hide away from the calamity you have wreaked upon the American people in this little corner of the internet. We're on to you Henry.

well in 2001 and 2008 my ears popped when I was in an aeroplane.

I think what you are saying Dear Henry-is that those who are losing their mortgages and such are to blame for all this. When people say..""Hey, real estate is where the action is" ..it's what families do..believe it or not. They buy these houses to live in and bring up their children. Even in America. Forgive them for their sad attempt to be part of the American Dream. They did try.

oppressed ?..I think it's more like depressed and bankrupt.

Come on admit Henry-you really are Alan "Henry" Greenspan aren't you ? You think you can hide away from the calamity you have wreaked upon the American people in this little corner of the internet. We're on to you Henry.

Cue the ukelele playing "Hearts and Flowers" for M Lunchtime's pathetic attempt to make us all shed tears for people who made lousy investments. I have three straight brothers, and they all own houses, or -- at the very least -- are making mortgage payments. There are MILLIONS AND MILLIONS of Americans in a similar situtation.

On the other hand -- and I hope you are sitting down, M Lunchtime -- there are REAL ESTATE SPECULATORS, who drift from house to house, "flipping" them as the price goes up. Sometimes -- and again, I hope you are sitting down -- they even LIE on their mortgage applications.

Myself, I'm a happy renter -- never had much choice because I move so often. But I have noticed little things in the US tax system. In antebellum days, all interest was deductible. Then suddenly that vanished, and only interest on home mortgages was deductible. Why? Because the gummint decided it should encourage home ownership! Interesting decision! So, after a while, I discover that married people with three children and a big mortgage wind up paying no income tax at all -- on an income of $60,000 per year -- whereas I am coughing up about $15,000 a year in federal and state taxes. So I am, willy-nilly, subsidizing their home and their kids. I guess I don't mind subsidizing the kids so much, but their HOUSE? Why should I be buying a house for them when I don't have one myself???

And now, as the orchestra continues to sob with sad sad music, M. Lunchtime tries to persuade me that I should be perfectly happy to bail out housing speculators, and people who got greedy in the real-estate market. DUTCH GOVERNMENT ANNOUNCES TAXPAYER-FUNDED SUPPORT FOR TULIP BULB MARKET.

Hey, let's bail out the oil companies, too! As Obama just memorably said (to a plumber complaining about his tax burden): "We need to spread the wealth around." As if hard-earned wages and savings were nothing more than peanut butter.

[Lunchtime O'Booze]

" There are MILLIONS AND MILLIONS of Americans in a similar situtation."

it's the other MILLIONS AND MILLIONS we worry about..you know the one's losing their houses and can't afford health insurance.