Umm... Did you watch the video or are you trying to score points? Because you hit the wrong target - If anything you just clarified my point.
This isn't a liberal Vs Conservative issue, and it's not just Bush - The artificially inflated US economy and housing markets has been getting by on crutches of debt for decades. I think a good case can be made for fiat currency being the cause.
Encouraging people to buy property by way of subsidies leading them to borrow money to invest in a market that is being artificially inflated by massive speculation is a fucking bad idea, because when the bubble bursts the value of the assets that people have borrowed money with interest to purchase plummet in value. People were borrowing tons of money to purchase assets that they were told would continue to rise in value - All they were left with was properties worth a quarter of what they were worth an a ton of liabilities in the form of foreign debt.
Who were the people who saw the crash coming? The people using models from the Austrian school of economics. That is the point of this post and the video.
And I'm not a freaking conservative!
This isn't a liberal Vs Conservative issue, and it's not just Bush - The artificially inflated US economy and housing markets has been getting by on crutches of debt for decades. I think a good case can be made for fiat currency being the cause.
Encouraging people to buy property by way of subsidies leading them to borrow money to invest in a market that is being artificially inflated by massive speculation is a fucking bad idea, because when the bubble bursts the value of the assets that people have borrowed money with interest to purchase plummet in value. People were borrowing tons of money to purchase assets that they were told would continue to rise in value - All they were left with was properties worth a quarter of what they were worth an a ton of liabilities in the form of foreign debt.
Who were the people who saw the crash coming? The people using models from the Austrian school of economics. That is the point of this post and the video.
And I'm not a freaking conservative!
.
