On a scale of 1 to 10, how bad is the mortgage meltdown going to get in your opinion?
Let’s say 10 is the Great Depression, where like 40% of people end up losing their homes and life savings.
Let’s say 1 is like, “Oh, there was something wrong with mortgages?”
Personally, I think it’s going to be about an 8 or 9. I think we will be telling our grandkids about it.
Well certainly 40% aren’t going to lose their homes, but maybe 10% from really dumb lending practices and legislating that let folks get in over their head, and such a mess.
I’m not as sorry for the people and lenders as I am for the taxpayers who are expected to bail them out!
I’ll give it a 4. It will get worst but we will recover.
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