There’s a host of problems. It’s easy to say in retrospect that we needed more regulation in an already heavily regulated industry. There’s some of that, but at the same time, I trace a lot of this back to the collapse of the immigration reform bill last summer. A lot of people basically said that we can’t throw out a large fraction of productive but undocumented workers without replacing them in some sort of orderly fashion. It’s like Steve Irwin vs. the stingray - some situations need to be handled with care.
But all the purists couldn’t deal with the compromises needed in a democratic society and so here we sit.
So who threw out that large faction of “productive but undocumented workers?”
Certainly not the government.
What a crock! Please explain the mortgage meltdown and how it directly relates to illegals. I don't buy your sophistry for a moment.
I'm not saying that at all. What I'm say is that left to themselves, markets tend to be efficient in their operation. The issue here is that Congress essentially told the mortgage industry to lend to less than desirable credit risk individuals. In response to the Congressional meddling, the Mortgage bubbas came up with these questionable mortgage products.
QED, Congress needs to quit meddling in the economy. BAD things happen when they meddle.