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You make a good argument, but I don' think it's necessarily a good thing to revel in people's misfortunes. I don't know who the poorer sucker is, the one dealing with bad credit or the one needing to fill his ego by saying "I was right."
Don't get me wrong, I don't mean this as a personal attack. In all honesty, I feel almost exactly the same way, but I can't help but feel a little guilty for taking pleasure in someone else's pain. It's just unfortunate that people act the way they do.
If you live at 99% of your means, you'll always be ahead. If you live at 101% of your means, you'll always be in debt. So simple, yet so evasive...
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Intelligent people live at 60-70% and sock away the rest so in bad times like these, they have a little wiggle room. I'm not reveling, but you can bet I'll be taking advantage of it. I get angry when I hear of bailouts, of lenders and buyers. A house may be the American dream but it is not a right, no matter how entitled one may feel to one. Some people are renters, and they have to accept this. What makes me angry is subsidizing stupidity. The winter has come folks, and it's not the ant's job to bail out the grasshopper. Doing so punishes prudence and rewards foolishness, and that's why we're in the mess we're in.