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  1. cobble, bro is very political (he’s probably way to the right of even our friendly rightists on stoner) and therefore he has a hard time separating economy from politics (imo). I try and listen to the true money guys as they don’t mix the two.

  2. My niece and her husband are a lovely young couple with 2 kids, 2 Phds, tenure-track jobs in a university and a desperately under water house in Florida. All the senior generation tells them to walk away. Shit, everyone else did and the banks got their TARP. It is just that two hard working young people who wanted a piece of the American dream, bought a place in the wrong, place wrong time. So they pay their mortgage on their house every month, paying off a bad trade, a very bad trade that is a horrible ball and chain on their life.

  3. “Please believe this scenario is not that unusual.”

    **

    You didn’t mention that their credit ratings, in the short term at least and quite possibly in the long term, will be crap. And they will still owe the money.

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