In response to: Interesting enough, it's not really the poor who I see losing their houses, it's the middle class primarily and I would wager a majority of those are in homes they couldn't afford to begin with. There are six in my small neighborhood. These house's range from 160K to 200K and the neighborhood is only 3 years old. This is fairly expensive for the area and the fact there are so many foreclosures in such an expensive and new area tells me people bought without good sense. Sure there are exceptions but for the most part, it's their own Keep up with the Jones' mentality..
OK Sparky, I'm just going to try to make some sense of how I see this. Those houses were selling for that because of overinflated prices which suited the sellers and the banks.
I was selling my mom's house 4 years ago in the San Gabriel valley which runs right into LA county. I got some advice from some very smart people who helped me invest mom's money. They told me the housing market was very unstable and going to crash. I was afraid of it happening then.
They knew, all of the bankers, the market moguls, many people in the government who were deregulating (making it easy to be irresponsible), the economist knew it was going to crash and what did they do? They milked the system until it finally died.
I don't think so many people would have bought those houses if they knew this was going to happen do you? There might not have been the outcry it needed but I hope there would have been some demands to fix the problem not kill the cow.
The infrastructure here has also been weakened by the huge deficit we have run by giving the cooperations and wealthy tax cuts while spending like crazy on the war.
The middle class didn't see them the wealthy did. It is the middle class that will benefit from Obama's plan, that's true, but they were not the beneficiaries of Bushes plan were they? And prosperity doesn't trickle down that's clear. I'm just glad the SS system wasn't linked to this market which is another thing that was planned.
The Gov spending needs to be cleaned up quite a bit too but offshore tax shelter loopholes for the cooperations and rich need to be closed and our jobs stopped from being outsourced.
Look America has a whole lot to offer in safety, police protection, firefighting, good roads and water/sewage system. We have regulations, laws and services that are outstanding. It needs to be preserved and supported by the wealthy and big cooperation because it is really, really in trouble now.
The middle class is the backbone of this country, not the rich or the poor, they need help now too and a sound country to live in it needs cash, not more C/C debt.