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you actually almost made sense here, though you are forgetting that the lenders were forced to make sub prime loans by the government, and community organizations like acorn. also the people that signed for loans they knew they could not afford also have culpability in this as well. you can not lay all of this on the lenders alone.
Sure you can blame it on them... Lenders know who can pay and who can't...
Sure you can blame it on them... Lenders know who can pay and who can't...
this is quite true, and normally the lenders would have either refused the loans outright, or allowed approval on a lower amount. common sense should tell someone that is making $50k per year, that they could never afford a $700k mortgage. unfortunately the CRA, and pressure from groups like acorn, conspired to force lenders to make such loans. but it wasnt just the sub prime markets that collapsed. there were many speculators that also caused the problem. many people would buy a house, do a little work on it, and then flip it in a couple of years as the housing prices went up, and roll their old mortgage into a newer more expensive home, and do the same thing, all the while expecting the housing prices to keep going up so that the constant debt wasnt an issue.
so again, when oil prices spiked, and prices on everything went up, and the economy slowed substantially, the first thing to collapse was the housing market. when it collapsed, it took a lot of things with it, including jobs, and stock market value.
this is quite true, and normally the lenders would have either refused the loans outright, or allowed approval on a lower amount. common sense should tell someone that is making $50k per year, that they could never afford a $700k mortgage. unfortunately the CRA, and pressure from groups like acorn, conspired to force lenders to make such loans. but it wasnt just the sub prime markets that collapsed. there were many speculators that also caused the problem. many people would buy a house, do a little work on it, and then flip it in a couple of years as the housing prices went up, and roll their old mortgage into a newer more expensive home, and do the same thing, all the while expecting the housing prices to keep going up so that the constant debt wasnt an issue.
so again, when oil prices spiked, and prices on everything went up, and the economy slowed substantially, the first thing to collapse was the housing market. when it collapsed, it took a lot of things with it, including jobs, and stock market value.
George Bush encouraged all that lending that created the bubble to try to distract everyone from his war policy and massive war spending debt...
Mike Huckabee: Would you take out a homeowners policy on a house that just burned down?... "That's why you can't provide Health Insurance for people with pre-existing conditions"...
its actually a true statment
people with pre existing conditions dont need INSURANCE..they need affordable CARE...but liberals are only interested in SELLING them INSURANCE to BUY
When the bubble started when Bush was in office in 2006?...
no the bubble BURST in 06, on bush's watch..the bubble STARTED under clinton, by clinton policy
do you understand economics AT ALL???? economic swings happen in 7-12 year swings
the housing crisus, was due to 5 things craeting a perfect storm:
clinton easing the mortgage rules in 1995
natfa (passed by a democrat controlled congress and signed by clinton)...50 million jobs lost since 1993
clinton getting china into the WTO
greenspan and bernacki lowering the prime in the 90's and 00's
and the oil price spike causing prices on everything (especially utilities) to rise
just when he billed you for the SERVICE PROVIDED...pay the darn bill, instead of EXPECTING someone else to pay YOUR bill
Hmmm... According to your Mike Huckabee... a former preacher... they are uninsurable...
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