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ADL Colin, you're talking about apples, I'm talking about oranges.
I don't really want to get into a long winded discussion about a quadrillion dollars in derivative contracts. I'm just saying the government shouldn't be using my money to bail out people who behaved irresponsibly.
A guy making 50K a year who bought a 500K home never thought he'd be able to stay there the rest of his life, he knew he wouldn't be able to afford the mortgage after the teaser period was over....his intention was to sell the property for a profit before the mortgage rate reset.
He gambled, he lost, we shouldn't bail him out anymore than the guy who lost his life savings in Vegas at the roulette wheel.
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