"So they haven't really saved, they've spent their paper gain."
That is a completely different story.
"You cannot force a person to save. A mortgage is not a forced saving."
No it is not forced saving - it is a choice. Better to own a house after 20 to 30 years than to have nothing. As such it is a sort of saving for the future.
borrow at 8% for a 2% net return ? ouch, page-77
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