Self-hating boomer
2008-10-08 09:37:24
I know someone whose home was foreclosed. He is a day-trader and gambler. Shall we call him a risk-taker? If he lost money gambling, would he be bailed out?
The more pertinent question is, if things had gone differently, and this person had made a tidy profit from flipping, would he share that profit with all of us? To the extent that it would be capital gains, yes, but that isn’t as big a percentage as the typical loss that a bank (or homeowner) is going to see on a foreclosure.
Arguably, this is the price that we pay for the huge windfalls that the Federal and local governments received all through the middle of the decade. The governments went on a bender, and we get stuck with the hangover.
