RobertLet's add it upFri May 18, 2012 8:02am220.127.116.11Well documented math, as in the Congressional Budget Office's math, ok?
Now that we got that cleared up, I'm not claiming the housing bubble is the only cause of the current recession. It is obviously the predominant cause, so much so as to make a strong case backed by the all important math, that we either wouldn't be in a recession now, or it would be a much milder one (not to be confused with our current crisis).
If you read the links I provided, you will remember how the authors included Bush's administration as an accomplice via inaction. As I posted earlier, we are in this mess based on actions/inactions of three Presidents---Carter, Clinton, and Bush. As it turns out, this recession was overwhelmingly driven by liberal administrations. The next one could very well be driven by a conservative one.
When events are explained via facts, I place a great deal of import on sequence and magnitude. The sequence is clear---Carter created the CRA, then Clinton gave it teeth via his pit bull Reno, then Bush conveniently ignored it and failed to adequately fight it. The magnitude is equally clear based on huge $ mandates the government placed on lenders to approve substandard loans, and the subsequent explosion of loans made to non-CRA targeted individuals, who based on the new lax rules created by the CRA, super-sized their mortgages. THIS is not only the chief cause of the crisis, but is a perfect example of unintended consequences---hence, social engineering is very dangerous.
So, in summary, if a sequence of events has no genesis, it doesn't materialize. If it does have a genesis, but isn't nurtured or is reversed, it doesn't flourish. Unfortunately, this crisis did have a genesis and was indeed nurtured. Without such, we are not in today's crapola.
- Whose math? wondering, Fri May 18 6:02amYour math? "Conservatives" math? That you try to place all the blame on "liberals" for a global recession shows your bias and your blindness.
- Let's add it up Robert, Fri May 18 8:02am
- Where is the math? wondering, Fri May 18 10:43amI know it all seems simple to you, but it isn't. It would be easy to pull numbers from here or there and then draw conclusions, but it just isn't that simple. If it makes you sleep better to think... more
- Here ya go Robert, Fri May 18 2:10pmThe Scale Of The Crisis: Trillions In Taxpayer Bailouts The extent of the problems has been so severe that some of the world’s largest financial institutions have collapsed. Others have been bought... more
- Can you show wondering, Fri May 18 2:55pmthat the housing boom and reversal in "various countries" were due to CRA legislation or "social engineering"?
Religion and Ethics BBS