The Ownership Society?

The ownership society which is highly touted by the Bush Administration is becoming the 'debtship' society. "Where's the pride in "ownership"? Buyers today own nothing. When you take out an I/O loan---over 70% now in my county in Calif---you own nothing. (post on the Housing Bubble 2)" It is a lease with a contract to buy. If the price drops, you still have that contract to buy you can't just get out (walk away). You will be under and it won't be pretty.

This country is becoming a nation of debtors. The situation is entirely unsustainable. The sooner the housing bubble pops the sooner we can begin to readjust our economy to bring sustainable economic growth.