nearly?
but, their mission is not yet accomplished...
the economy is resembling a giant whale, thrashing and groaning in bloody water as the democrats stand on deck and continue to harpoon it, and the GOP tries to get them to agree to gentlemen’s rules on placement of the deck chairs
And Bush bragged about his home ownership programs for poor minorities with bad credit making it easier for the banks to make risky loans eventually leading to massive forclosures in poor hispanic areas Arizona and Nevada and Florida as well as flipping in those areas. Republicans hands are not clean in this either although neither party gets it right.
It was : Low interest rates by the Fed for an extended period, removal of the down payment requirement, change in capital gains taxes on homes law (encouraging flipping), home ownership promotion for the poor by BOTH(yes) parties, and yes a blind eye by everyone because everyone loves a housing prices bubble party, they just hate the resulting hangover, and then try to fix it with more drinking in the morning.
Don’t forget Jimmy Carter’s law that was passed where banks had to have a certain amount of high risk housing loans !
—bflr—
Yeah, whatever happened to Pelosi’ ‘pay-go’ scam anyway?
The article is lacking two key points.
Why did they open up the lending to low income, dogs and cats?
The answer to this question is still the problem.
Demographics! The housing market is driven at the base by first time home buyers. Due to our population shifts, abortion, birth control, and student loans the flow into home ownership slowed. To increase the demand the loose lending policies were implemented. We still have a very big demographics problem as the boomers are moved into nursing homes.
The other strategic problem not mentioned is energy prices.
When gas prices peaked those on the bubble had to choose between filling up the car to get to work or making the mortgage payment. We still have the gas price problem and now it has grown into food prices and is causing inflation.
Nearly?
Interesting. I'm guessing this is because of the Kennedy's... specifically Teddy. John & Robert were both Cold Warriors. They bungled some stuff, but they both believed in opposing the Russians. It is now coming to light that Ted was either acting on behalf of the Russians or was just a fool in thinking he could manipulate the Russians to his own advantage. The Kennedy-clan created "Camelot" after-the-fact. Re-writing the history of the Cold War goes hand-in-hand. Same tools, same motivations.
The most glaring example of leftist projection is their claim that the socialist Hitler was right wing. Leftists display their failings daily by what they project as far as they can onto the right.
sfl
What Obama and the Democrats (and the Republicans) have destroyed is the money. Congress has failed to carry out its Constitutional responsibility to regulate the value of money for 98 years, and the result is what we have now.
No money system lasts forever, though. History is littered with the remains of destroyed money systems.
This is not at all the same as "the economy".
In fact, as soon as Constitutional money is restored, so that the productive activity and natural resources of this land can be properly valued and orderly exchanges can resume, "the economy" will take off like a rocket.
The false economy of housing prices, derivative exchanges, and selling Jackass DVDs will be erased, of course - but that's the whole point of sound money, isn't it?
Nothing has changed. They are still making subprime loans. Go to any mortgage broker website and you will see the pigs are still squealing and fighting to get their share of the government slop.
American liberals began to consider anti-communism a kind of mental disorder.
They still do note actions.
Good article.
Dimrats follow a similar plan.
Create a crisis, take advantage of that crisis.
The trainwreck of 2008 is just part of their whole cloward piven strategy.