The Times had an article on Saturday that said that just over 10% of homeowners in the United States have mortgages that are higher than their homes are currently worth.
That's an astounding number and I'm happy that I'm not one of them.
I'm no economist, but I have to wonder: Didn't anyone see this coming?
The housing market throughout the country has been out of control with prices climbing higher and higher. Here in South Florida, developers have been building and building to a point that people are walking away from deposits on the thousands of newly-built condo in downtown Miami and littered along the coast.
Everything is cyclical. It's a basic fundamental law of economic physics, if you will.
So where was the government throughout all of this?
They're all hot and bothered about trying to jump start the economy. They're sending $600 checks to millions of people who will use them to pay their heating bills or put gas in their cars because oil prices have skyrocketed. Those checks will do nothing for the economy.
So I repeat the question: where was the government. Did no one predict this?
I asked this while out to dinner with Cary and John the other night. Cary replied, "Bush was focused on his war, and nothing else."
He's right. And as I've long maintained, history will look back on this president and his band of thugs with derision. And rightly so.
And history will ridicule us all if McCain is elected president.
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