10 Minutes to Understand the Current Credit Crisis
If you’ve got 10 minutes, you can learn how we got where we are (h/t Hot Air):
Take the time to watch this, then share it with your friends, family, etc.
And vote…vote to not allow this to happen again. I’m willing to give those responsible the benefit of the doubt that they truly meant well, but anyone with even a modest knowledge of economics could’ve seen this coming. Unintended consequences aren’t inevitable, and we need to demand that our leaders take the time to understand foreseeable consequences such as those we’re currently suffering.
The folks who made the video are correct that it’s not low-income folks who are to blame here. They were encouraged to apply for, and were given, mortgage loans they could not afford because wealthy politicians felt guilty about the fact that poor people didn’t own their own homes and decided to “do something.” But as usual, they failed to think past stage one, and the result is that the very people they professed to want to help are suffering, along with many others who are merely bystanders.
This is insanity…and unfortunately, where Congress is concerned, it’s also business as usual.