This year was full of tricks and no treats. The trick: the government subsidized Fannie Mae/ Freddie Mac and passed legislation to practically force lenders into this subprime lending mess. Then the government deregulated the whole mess.
Who is to blame? The Fed. Congress. Large investment banks involved in this mess. Most of all the loose monetary policy of the Federal Reserve. Get rid of the Federal Reserve and these boom n’ bust cycles will be reduced in size or eliminated.
Pick up some lit on austrian economics. They have been predicting this big housing crisis for the last 15 years.
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