I have to preface this by saying that I do think there is a lot of blame to go around. You have a lot of people, from the highest positions of power to the idiots getting loans to buy houses they can’t afford that bear the blame. In my perfect world the only people that would suffer would be those that were to blame. However, with a crisis this big the problems have a way of touching us all…
This problem did not emerge overnight, you can go well into the 90s when looking for causes and you can consider what the government’s role is and isn’t. One thing did become clear though, several powerful Republicans did want to do something about the problem. Bush and McCain called for reform and it was blocked on party lines. Reasons for this have varied from partisan politics to the Democrats wanting housing to be available for minorities. In either case, something bad happened and it would appear the Democrats in the least were the last ones with a chance to fix this mess and they did not.
Here’s a article about it that I thought was a interesting read:
Yes I’m biased and yes the article is as well. However, reality is reality. The Democrats blocked reform… I think this makes them the clear political culprits and liberal (in more way than one) lending practices are the most logical reason I have heard yet as to why anyone would want to give huge loans to people that can’t even afford a down payment.
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