What about this housing bust?

I live in CA and I agree with you on the housing. The prices were so ridiculously over the top. I know many people who took out home equity loans, remodeled and now pretty much their house is worth a lot less than they paid for it.

With the housing, many people had bigger eyes than their wallets. And there were a lot of people in the mix. We need to take responsibility for a lot of this. Having worked in the real estate industry, I also put blame on appraisers. That industry is not as well respected as it used to be.

Good post.

Very good assessment of the situation. I've abhored the late night info-mercials teaching people how to get rich "flipping" real estate. What really offends is the unspoken truth that for every house that is for sale by the government was foreclosed upon for late taxes or non-payment of premiums. That is as it should be, but for the vultures to be allowed to advertise their profit making schemes on TV, for a profit, is to rub salt in a wound. It may be within the bounds of free enterprise but it certainly is not a very humane thing to do.

Like you I believe in the Ten Commandments and the Constitution, or, as was Superman's creed, in truth, justice, and the American way.

Glenn