If you borrow € 1 mil to buy a house that is really only worth € 0.5 mil, pay off € 0.2 mil out of your ordinary income before going underwater when the price resets to a more realistic value, then you've lost € 0.2 mil relative to the scenario where the housing market didn't suffer from a bubble. Plus the expense of bankruptcy and the inconvenience of foreclosure...

- Jake

Friends come and go. Enemies accumulate.