| akuma587 said: But the slump in the housing market isn't what caused the recession to be this bad. |
it's the single reason we are here. Those securities only exist because of the artificial market for homes that the government made. The "slump" as you call it is still going on, and it's not getting better. We just had an increase last month in foreclosures (second month in a row), and the value of homes dropped by a record number last month.
Bill Clinton wanted lower income people to buy homes because it's the best way to generate wealth. If that's true (and I think it is), it also means it's the best way to lose wealth as well. For most people in this country, the only thing they own with any real value is property. That property is worth 10, 20, 30% less then it was a few years ago, and it continues to fall.
The housing market (and everything it touches), is why we are here.
