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Politics : Mainstream Politics and Economics -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (7538)	1/26/2012 1:15:52 PM
From: Steve Lokness	Read Replies (2) \| Respond to of 85487

<<<Do you understand how the housing bubble was created?>>> If you're looking for a canard - you can always find one. If you want the truth - not told by the likes of Fox - then the main culprit is that interest rates were kept too low for too long by Greenspan with the full blessing of Bush. Everyone encouraged this and thought they had found a new paradigm that prevented the normal cycles as espoused by those from the Austrian School. That low interest rates and easy money went looking for someplace to go. If it hadn't been housing it would have been tulips or some other such crazy idea. ...........Did Frank contribute? Oh sure in a peripheral way; but so did the rating agencies and stupid bankers and hedge fund people who bundled the CDO paper that went so bad. There is plenty of blame to go around, but one of the most insignificant of these was Frank. It SHOULD be more than just a little embarrassing to those on the right to think that one gay politician whose party wasn't even in power that was able to bring down this house of cards. Embarrassing if it was true for sure - BUT it's not. Anyone who thinks this is stuck on their ideology and blind hatred rather than looking for the real reasons. Incidentally, what has always led us out of recessions in the past? HOUSING! The reason is simple if you think it through - but that's NOT going to happen this time. Where do you see demand coming from McKie?