Found this decent article on how this bubble happened.
The financial crisis blame game
A few points they missed were the laws passed that forced loaners to give a percentage to people they knew couldn't pay it back if they wanted to expand or merge, the laws that were passed that gave organisations like ACORN free reign to intimidate banks into making those loans, and 50 years of Hollywood and school history books shoving the "evil old rich guy" and "evil corporation" stereotypes down our throats hasn't helped.
What should make this really infuriating is that the government already gives out massive amounts of your money for low income housing programs. If they had simply expanded those programs (in which case we'd just be complaining about yet another bankrupt govt program) rather than make private banks act with a "wink, wink" that the govt will step in should they fail, our economy would be lower but in much better shape rather than fluctuating wildly in an attempt to equalize. We are in the perfect position right now to restructure and come out of this dip stronger than ever, but first we have to learn from the mistakes we've ignored several times now.
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2 comments:
Never fear, if BO becomes pres, those of us with houses and money in the bank will end up giving it all to the poor and underprivileged.
After we give everything we have to them, we too will become underprivileged, but there will be no one left to share their wealth with us.
yup, equality by force. Equally poor, equally lazy, equally miserable. Oh, except for the ruling class who will make the laws that exempt themselves from this 'equality' so they can better ensure our equality. But of course this has never happened before and failed miserably...
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