Friday, September 26, 2008
The Root of the Problem
This is a nice video that explains what caused the housing market problems that are threatening our economy right now. The author takes a bit too much of an anti-Democrat stance, but nevertheless, he gets right to the point: these failures are a direct result of the government pushing home ownership at all costs, to the detriment of the nation as a whole. It's why I am of mixed mind about the bailout idea. Because of my libertarian mindset, I think it's ridiculous, but at the same time they caused it as much or more than these other companies, so they should fix it. I would say that part of that fix involves that correction that gets people out of homes if they can't afford it instead of allowing the rest of society to prop them up, but that won't win elections and is thus very unfeasible.