Read the woe as me mortgage crisis items on CNN and you'll see what Paul is discribing. They are talking about people with 2500 dollar a month mortgages going bust. Some of them were making 70k a year. That means their interest only loan constituted a pay out of 30000 dollars a year out of their pretax 70 k a year salary. And they werent paying off the balance.
Thats insane.
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Common Sense- so rare it's a super power.
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