Well Mcbush...... you don't get it. This is not just our imagination. We are hurting! the price of fuel is too high. Food is too expensive. You might be having trouble truing to figure out how to pay for your children's fancy private collage education, but we're having troubles figuring out how we might pay for food for our family. We're having trouble trying to provide electricity for our family to light our houses. Speaking of houses we're even having trouble keeping our families in one because your rich buddies ran up the prices of housing.
NO!!!!!!!!! this isn't mental ....... Its real
Papa
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The housing bubble was caused by lax lending standards, partly by an inept federal reserve board that kept interest rates low, both of which actually allowed many of the poor to own homes they should not have been allowed to. Much of it was also caused by the real estate industrial complex, realtors who misled the public with the PR of "real estate can only go up!" and "it's always a good time to buy!" and corrupt mortgage brokers, and builders. Also, people who felt "rich" just because they're house went up on paper, and took out second mortgages to buy even more properties and SUVs. So, the price of housing was actually caused by a bunch of non-rich people buying into the housing ponzi scheme and running up prices without regard to their financial reality. It's not the "rich buddies" fault house prices are high.
Read http://en.wikipedia.org/wiki/United_States_housing_bubble
for info on causes of the housing bubble. It's a terrible thing that happened, and a lot of middle class baby boomers got rich who were smart and sold during the boom.
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