This thread contains some of the lamest whining yet-
"They get something I don't get! Wah!"
There was a time when honest conservatives didn't whine about something the other guy got.
And there's a deeper issue here than the usual "personal responsibility" song and dance, an issue of systemic failure. That's the part Righties refuse to address squarely, if at all. That failure was inevitable prior to Obama taking office, and prior to Dems taking the majority in Congress. It looks like this-
http://www.ritholtz.com/blog/wp-content/uploads/2009/06/case-shiller-updated-1024x804.png
If there's no control on a rising market, then it overshoots drastically, making control on the downside extremely problematical. Which is what we're seeing today. Left to its own devices, the current housing market would be in a much deeper trough than it is, and headed even lower, fast. And that's because foreclosures would be completely rampant in a self reinforcing debt deflation spiral.
Unoccupied housing inventories are still growing, forcing prices lower. More foreclosures simply means more unoccupied housing. Wash, rinse, repeat until the bottom falls out, like it did in the early 1930's.
From a macro perspective, principal reduction will occur one way or another. Foreclosure and resale reduces principal owed. So does principal reduction, in a less disruptive way. If we can't get past the whole notion of retribution for poor personal decisions, then we'll all suffer more than necessary for the poor decisions the country made in electing Republicans in the first place.
Tax Cut! Free Market! De-Regulated Banking! Easy Credit! Low introductory rates! Affordable Loans! Ownership Society!
Easier to just blame it on Obama, right?