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What actually happened in 2008? (I was young)
From what I loosely gather (heard, not claim), it was something about mortgage loans lended to applicants who couldn't afford them or mortgage interest rates suddenly rising on already established homeowners (I'm not sure how that one would be, unless mortgages weren't at fixed rates).
I really don't know because "explanatory" (exculpatory) articles play hot potato and shrug, and I wasn't old enough at the time.
Anyone here know?
From what I loosely gather (heard, not claim), it was something about mortgage loans lended to applicants who couldn't afford them or mortgage interest rates suddenly rising on already established homeowners (I'm not sure how that one would be, unless mortgages weren't at fixed rates).
I really don't know because "explanatory" (exculpatory) articles play hot potato and shrug, and I wasn't old enough at the time.
Anyone here know?
There were laws in the 1980's about fighting racism in housing because the gi bill mostly gave white boomers free housing and college in the 1940's but the solution was everyone gets free houses and college. (without the black marxists pushing this trying to increase supply)
NIxion took us off the gold standard, and this idea of houses as investments had taken root. creative ways to reduce supply and "increase affordablity" at the same time were flying around.
30 years later, new buyers were needed; unsustainable fake luxury houses were in the mix.
You can debate for hours about the exact path the money took, but the reducing supply but "increase affordability" is the same grift as elsewhere. Paper isnt real while supply and demand is.
NIxion took us off the gold standard, and this idea of houses as investments had taken root. creative ways to reduce supply and "increase affordablity" at the same time were flying around.
30 years later, new buyers were needed; unsustainable fake luxury houses were in the mix.
You can debate for hours about the exact path the money took, but the reducing supply but "increase affordability" is the same grift as elsewhere. Paper isnt real while supply and demand is.
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