On Sat, 21 Mar 2009 18:30:42 -0400, Keith Nuttle wrote:


Except the Clinton administration in forcing banks to make loans to
unqualified individuals because it was everyone's right to own a home.

I don't buy it. This was a market problem, not a political problem.
Fully 1/2 of sub-prime loans were from mortgage companies *not* covered
by the CRA. They didn't make those loans because of Clinton. They made
those loans because of greed and stupidity. The groupthink that's at the
root of all bubbles. The market will keep going up and up, and we'll all
get rich.

This wasn't about home ownership. It was about using houses as banks.
Sucking out any equity, to pay of credit card bills. Flipping houses
expecting a 10-15% return in a year. It was a bubble, and like all
bubbles, it burst. It wasn't Clinton's fault. It wasn't Bush's fault.
It was *our* fault.