No, the economy tanking was big cause of the housing market collapse. The economy tanked due in part to oil prices and in part due to Bush and Paulson telling us the world was going to end if we don’t give the banks $1 trillion.
“No, the economy tanking was big cause of the housing market collapse.”
No, the economy collapsed because government policies mandated insane lending practices to encourage home ownership for undeserving people (0% down). The false demand for housing drove prices upward and this drove a frenzy to refinance. The house of cards collapsed because of gov’t mandates.
The rise in Oil prices was caused by wall street using oil in part to bail out the bankers. We have to buy it, so they can’t jack the price to what ever they want. Otherwise how do you explain it going to 150 dollars a barrow at that time when the economy was collapsing. Supply and demand rules went out the window(They still are). There are so many causes for the collapse. Including congress. But most importantly the end cause were wall street bankers, and financial fraud on a global scale. It has been well covered up. But those who have been paying attention to sources other than the MSM have seen it documented. And the bailout happened because of well placed government officials that were placed by the banks. Along with well paid members of congress. Which is the same reason that none of the wall street bankers have been held criminally liable.
The lack of Americans being able to grasp that simple concept that wall street has become corrupt with the help and blessing of the government is going to become our total financial ruin. For every dollar you produce then they take a huge cut for doing almost nothing productive at all.
And just so you can’t judge me wrong. I am not saying that the very ideal of wall street is wrong. It is fine and even necessary, when it operates within legal and moral rules. And when all of its activities are in full public view. Not hidden and deceptive so that it cannot be called out on a scam.