Sure, but the main reason they didn’t care is because they were immediately selling the debt to a pension fund.
When the owner defaults, the bank doesn’t even own it anymore, and someone else finds their pension is suddenly underfunded.
They don’t need to, they have more purchasing power.
Living in a high COL area doesn’t just cancel our the higher income, because it takes marginally less work to buy any given product.
People in HCOL are “buying” more by choosing to live in big cities.
HCOL cities have more economic opportunities, access to amenities and events, and more development of parks and services.
Also, most purchases are online now. It costs the same to get a new computer shipped to a HCOL area or a less expensive rural area. So someone making 50% more, with 50% higher COL is still wealthier than those living in cheaper areas because they can get more goods for each extra hour they work.
During that time, the central banks printed a shitload of money creating a shitload of inflaction.
The Fed increased the money supply to prop up stocks, essentially giving cash to stock owners. 90% of stocks are owned by 10% of the population.
Average PPP loan forgiven is almost $100K, and that free cash only went to those doing well enough to own a business.
Meanwhile inflation caused by this effectively lowers workers pay and the real purchasing power of the minimum wage.
people are highly in debt due to owning like 4-5 houses in different places
I know many people working full time here in America that can’t get approved for the debt to own 1 home…
An oversupply of housing sounds nice coming from a place where rent cost 60% of my income.
OP is actually the guy yelling not to have fun.