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You both make very good points on the first discussion, I also have a mortgage brokerage background and the missing link in all of this , IMO, is the local appraisers allowing such a huge bubble in the first place. Palm coast Florida, just north of me, is a perfect example of this. I bought my first house for 73K in '98, house lot package. The empty lot next to mine sold for 64K just about two years later....my lot was offered at 5500$.
As far as your second question, remember when Obama talked about the "redistribution of wealth" ????? He was lying and what he really meant was, "we own the land here and everything on it".... Bailout my ass
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