And Rob, of course, you’re correct that one can’t blame only the Democrats for what’s going on out there. But any time you mix equal portions of so-called “good intentions” with good old fashioned American greed this is what you get. A stain and a pox on both national political parties, the depths of which they have taken this country we’re all gonna find out in a year’s hence. I’d like to be an optimist, but 2009 is going to be a very bleak year. But that’s OK, Barack will save us…yeah right.

These are mostly adjustable rate mortgages that never got refinanced before they ballooned. They’re mortgages that have second mortgages or equity lines of credits attached that people can no longer borrow against because their equity went down the tubes. Most of the foreclosures, most of the distressed properties, and most of the people who are simply leaving their keys in the mailboxes are not the 100k-variety properties. They’re the 300-400-500k properties that people are over-extended on. People who got loans because of Democratic pressure on lending institutions are partly to blame but favored sons/daughters of the Republicans are partly to blame, too. This crisis wasn’t caused by the rich or the poor. It is on the irresponsible portion of the middle class.