This article is an old one, and not telling the whole story.
It leaves out the critical fact that all that mortgage money looking for a mortgagee found fertile ground in the housing needs for 20-40 million illegal aliens.
All data points to the uncomfortable fact that the bulk of subprime mortgages going into foreclosure are in the same neighborhoods where illegal aliens are found (Pew Hispanic Trust, Realtytrak, etc.). Without illegal aliens, the subprime fiasco would have never taken off.
Let’s kill the nonsense that this started because of boomers buying McMansions. It was the eagerly marketed loans to illegal aliens to finance the CDOs and Bonds (and the great commissions they got with them) that started all this mess.
Economists are destroying our country; they all have their pet ideas of how to manage an economy and we are the sorry losers as a result of their failed models.
This is not unlike Algore selling the other idiots on the plan to control our climate. We would do better to shake our fists at the sun for not cooperating with man’s plans to control the universe.
A little humility is in order here.
Video of Schiff when he predicted this. I saw him predict this on Cavuto/FNC business and the others all laughed. Something told me he was making sense.
Watch the other guy offer him a bet that the economy is on the upturn (2006-2008 predictions).
http://www.youtube.com/watch?v=2I0QN-FYkpw