For a long time, the conventional wisdom was that it was "OK" to borrow against your house for just about anything -- or to buy way more house than you could afford in the first place -- because the value of housing would continue to go up, indefinitely, at the same pace that it went up in the 1980s and 1990s (i.e. astronomically).
As one totally uneducated in economics, I can dimly see how someone could form that hypothesis, but it still makes no sense to me as a way to run one's life.
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timeasmymeasure
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Date: 2008-10-18 08:35 pm (UTC)As one totally uneducated in economics, I can dimly see how someone could form that hypothesis, but it still makes no sense to me as a way to run one's life.