| | Ed:
The insinuation here is dishonest. Bankers would not have made the loans needed to result in $600 Billion in over-investment in housing
Especially since bankers had the CRE gun held to their head during this nationwide tear-off credit social experiment.
There were some voices saying 'no! Stop! Wait!', but they were in the fringe, were not about to stand up under that tribal tsunami.
No, in fact, any POTUS/Congress/ or banker that would have effectively said 'no' to handing out tear-off credit to warm bodies during that free-for-some would have been immediately spray painted as a redlining meanie, trying to keep poor folks away from the real estate party.
And so, our great national one-size-fits-all, get-it-all-wrong-at-once social experiment succeeded in shepherding that segment of our nation least able to bear the title 'last poor schmuck into the bubble' into precisely that role, and the folks tearing off the warm body credit apps and building up 'the greatest % of home ownership in history' were saluting the flag and all but doing God's work here on earth, as they shoveled in those credit app and mortgage fees by the pitchfork.
There was nobody to effectively say no. Not the Presidents, not the Congresses, not HUD, not the banks, and for sure not the happy folks getting the tear-off warm breathing body easy credit. A few centers of academia, and a few talking heads here and there, minority voices in the fringes, no match for mass insanity.
(Edited by Fred Bartlett on 3/15, 7:00am)
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