—I think corporate greed is one of the main contributing factors and instead of spreading the wealth through the IRS, it should of been done at ground level.—
Very poorly reasoned. If you can’t identify the disease, there is no hope for a cure.
Greed, if you want to call it that is always present in the market. Why did it begin to create a bubble in the 1990′s? Did all the bank CEOs wake up one day and decide to be greedy – to ignore the long term solvency of their company? Or, is it possible that some law, some government action changed incentives and penalties in the market place.
If you would like to think like an adult instead of a 10 year old read this.
http://spectator.org/archives/2009/02/06/the-true-origins-of-this-finan/
The other narrative is that government policy over many years–particularly the use of the Community Reinvestment Act and Fannie Mae and Freddie Mac to distort the housing credit system– underlies the current crisis. The stakes in the competing narratives are high. The diagnosis determines the prescription. If the Times diagnosis prevails, the prescription is more regulation of the financial system; if instead government policy is to blame, the prescription is to terminate those government policies that distort mortgage lending.
There really isn’t any question of approach is factually correct: right on the front page of the Times edition of December 21 is a chart that shows the growth of home ownership in the United States since 1990. In 1993 it was 63 percent; by the end of the Clinton administration it was 68 percent.
