People were moving every two years - making much more than you could make in stocks because of the tax advantages. Then the "flippers" got in on it - most of them "shoeshine boy" types who had no idea the houses weren't going up because of their wonderful "improvements".
I was in some of those houses - and didn't have the heart to tell some of those people that their big gain was because of the bubble - and not because they did such a great job putting new white tile in the kitchen...
I believe those original tax changes were done under the Clinton administration. Bush also got on board with it - refinements.
Or course the banks got in on it with more legislation to facilitate the mess - with their "2 payments and you can sell the loan" stuff. It's all sociopath scam stuff done on a very sophisticated level...
God help us - it's worse than anyone can imagine. ( And yeah, we'll have up times - maybe a year - maybe two - but the piper will be paid.)
Very good points!
Schiff was on Laura Ingrahm today and she asked him if he thought a conspiracy was responsible for crash and he said
no of course.
Who would bring down the entire world economy to get Obama elected? Heck, Many of our enemies are suffering because of drop in oil prices.
RE :”The tax laws were changed so gain on a home didn’t count as long as you had lived there for at least 2 years. “
I am glad you reminded me of this, Thanks!