However, a lot of people made a lot of money doing just that before the whole house of cards collapsed. It was much like putting money on a roll of the dice, except that the money on the table was mostly someone else's money.
The role the government should have played, but didn't, was to have outlawed the outrageous gamble with leveraged money.
Can't we just turn Congress off and then turn it back on again?
You make many hyperbolic leaps in reasoning, and seem to be fixated on liberal versus conservative thought. We actually need both, as both serve a purpose.
AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.
or........ are your rules for everyone but yourself ???The sources you are using are out-and-out right wing mouthpieces.
were they "wrong or inaccurate" ?? Don't bother answering. We all know you probably didn't bother to look at them, much less check our the veracity of their claims.
in other words, once again, I say you are a hypocrite.
Thanks for making MY point.
So no, I'm not a hypocrite. But keep drinking the Koolaid. I'm sure it's delicious.
We have a 15 trillion dollar debt today and 3.7 trillion dollar Federal Govt. Do you think that our Founders would have agreed with either?
Your claim has no credibility.
A Government-Mandated Housing Bubble - Forbes.comOn a parallel track was the Community Reinvestment Act. New CRA regulations in 1995 required banks to demonstrate that they were making mortgage loans to underserved communities, which inevitably included borrowers whose credit standing did not qualify them for a conventional mortgage loan.
To meet this new requirement, insured banks--like the GSEs--had to reduce the quality of the mortgages they would make or acquire. As the enforcers of CRA, the regulators themselves were co-opted into this process, approving lending practices that they would otherwise have scorned. The erosion of traditional mortgage standards had begun.