Drunk On Subprime Mortgages

http://www.breitbart.com/article.php?id=070725003528.djzk2x84&show_article=1

I've heard and seen a lot of published "chatter" by some otherwise very well educated sources concerning the limited and almost "benign" effect of the subprime mortgage debacle. What strikes me as shortsighted is the seeming unwillingness of these very public experts to address the wider implications of this issue.

What about the unemployment (construction workers, real estate brokers, mortgage brokers, etc) resulting from the real estate sales and construction downturn in most of the major urban areas of the country? What about the numbers of upside down properties that cannot be sold or refinanced to prevent foreclosure or bankruptcy? What about the ballooning effect of over-building and an exploding foreclosure rate in major metropolitan areas on the available inventory of housing units and the effect of increased consequential foreclosures?

It almost seems as if they are attempting to candy coat the issue and its overall implications. It is as if the country had a countrywide party, consumed all of the alcohol getting really drunk and the hangover has not yet set in.