I’m most certainly not an economic expert. I don’t understand most of the economic language but I wasn’t born yesterday either. About the housing crisis I know one or two things. “A fool and his money are soon parted,” and greed and stupidity is a bad combination. Both apply here. I bought a house during the “boom”. Lenders were trying to throw $300,000 at me at 1% interest. (Greed) I didn’t buy into their hyped salesmen’s “great opportunity” lie. Even with my limited knowledge of banking I was able to read and understand the contract. Millions bought into it and got screwed claiming now that they didn’t understand the contract. (stupidity) I took a 30 year fixed at 5.5% and now I look like a genius. (no fool and money and house not departed) I know this is just one factor but I don’t think the GOP had anything to do with it. Spoiled, ignorant Americans buying way beyond their means caused it.
