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Housing Bubble Caused by Greedy Capitalists?
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<blockquote data-quote="rickyb" data-source="post: 3055993" data-attributes="member: 56035"><p>michael hudson, steve keen, dean baker all predicted the housing bubble. i would also check out william k black.</p><p></p><p>there was alot of banking fraud where they knowingly made loans to people who they knew couldnt pay them back, and then made bets against them.</p><p></p><p>also a system where you make loans to people will drive up prices creating a bubble.</p><p></p><p>bill clinton is responsible for deregulating the banking system.</p><p></p><p>the US economy is heavily financialized so perhaps this has something to do with it, i forget.</p><p></p><p>taking on debt is another way of making up for decades of stagnating wages.</p><p></p><p>the chief executives should have gone to jail, and the underwater loans should have been bailed out in essence written down to market value. but instead the bankers got off free and got bailed out with bonuses. the unemployment was unnecessary; the government could have done a federal hiring program comparable to what was done during the great depression when 10% of the economy was hired by government. some jobs that could have been created were infrastructure and green jobs. instead everyone was made to suffer on an inadequate welfare system which again, clinton is responsible for destroying.</p><p></p><p>many countries have housing bubbles again including US. the regulations were inadequate and good chance trump makes it worse. there will be another financial debt crisis.</p></blockquote><p></p>
[QUOTE="rickyb, post: 3055993, member: 56035"] michael hudson, steve keen, dean baker all predicted the housing bubble. i would also check out william k black. there was alot of banking fraud where they knowingly made loans to people who they knew couldnt pay them back, and then made bets against them. also a system where you make loans to people will drive up prices creating a bubble. bill clinton is responsible for deregulating the banking system. the US economy is heavily financialized so perhaps this has something to do with it, i forget. taking on debt is another way of making up for decades of stagnating wages. the chief executives should have gone to jail, and the underwater loans should have been bailed out in essence written down to market value. but instead the bankers got off free and got bailed out with bonuses. the unemployment was unnecessary; the government could have done a federal hiring program comparable to what was done during the great depression when 10% of the economy was hired by government. some jobs that could have been created were infrastructure and green jobs. instead everyone was made to suffer on an inadequate welfare system which again, clinton is responsible for destroying. many countries have housing bubbles again including US. the regulations were inadequate and good chance trump makes it worse. there will be another financial debt crisis. [/QUOTE]
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