|
I primarily view the predatory lenders as the instigators of the economy crises. But there are a host of other contributors. Not the least of which is the media who were screaming "Housing Crises" last year. There was NO Housing crises in Middle America until the media started scaring away home buyers. The only "housing crises" was in California, Florida, and the East Coast. The biggest reason being, over-pricing, going on by Appraisers who worked for lending companies. Appraisals were being made to more than double the actual bulding cost of the homes just so people would 'qualify' for a large enough loan (again predatory lending)...
I could name dozens more, right down to all Americans forgetting the lessons of the depression. Not building safety nets, not living within their means, and not planning for the future.
Stocks did not start dropping until the Media 'Prophesied' a Recession. If the media had SHUT the HELL UP, we probably would have pulled through the 'housing crises' without shut and all out shutdown of our economy.
I expect in another 3 generations we'll have another recession. I just hope it's nothing worse.
__________________
"Always learn the rules so that you can break them properly." Dalai Lama
My Karma just ran over your Dogma. 
|