In Rush’s part of Florida , Palm Beach County , 67% of the county money invested for benefits and such for retiring city workers is invested in derivatives such as Mortgage Backed Securities , CDO’s and such ... The “morgage crisis” is no such thing ... it is a Wall Street Crisis that is being pushed down on all of us to pay ,, they committed fraud to the tune of $$TRILLIONS$$ with derivatives that ultimately are not secured ,, with ratings that were bought not earned and they created the bubble that is killing us by pouring money down on local banks , relieved of any worries about repayment because they were in actuality just originators collecting a fat fee.
No. Do you actually believe the politicians? THEY are the problem.
At its core the economic problems we are experiencing are the result of bad public policy advanced by Lincoln, Schumer and pretty well the entire political establishment - yes, Clinton, Cuomo, Bush etc.
If politicians would just leave markets alone and not try to force outcomes - like higher rates of home ownership - this crisis would not have happened. No Fannie/Freddie, no stupid low interest rates, no mortgage interest deductibility, etc. If we didn’t have all those distortions this crisis would never have happened. Those messed up market instruments you decry are the direct result of distortions caused by anti-market public policy.
Let’s go for smaller government, free markets, a flat tax, lower rate, lower attachment point, and remove all the deductions/perks - like the lower dividends capital gains rate.
It makes me ill to hear politicians try to scapegoat Wall Street - that’s very hypocritical. It also makes me even sicker when people actually believe the politicians.