The Chicago Tribune brings us this interactive map of the Chicago area that shows the continuing housing collapse brought to us by liberals who for years have been manipulating the housing market. Most informed individuals know that the left pushed for years to get banks to lower the standards so that more minority people could get houses of their own instead of renting. The left is incapable of allowing the market to make its own decisions without government interference. They threatened, bullied and pushed to get their way even though there was no reason to think that these loans to poor people made sense. No observant person thought that they were without risk. But that was considered unimportant. Affirmative action housing had to go forward.
The banks eventually complied with this push, at first out of fear and later out of greed. It didn’t take long for many other people to jump on the bandwagon and try to make a quick buck in the real estate market. Banks came up with all sorts of fancy financing that defied traditional economic rules. Everyone thought that the market would never go down again and that real estate was the new path to easy street. And in the end we got the biggest housing bubble in real estate history, and it all came crashing down as all bubbles must eventually do.
So here we are in an economic depression with the markets in collapse and no end in sight with the most anti-business, anti-capitalist administration in history running things. We have in the White House an individual who is as ignorant of basic economics as the people who were sold those low-interest teaser rate mortgages. Is it any wonder that things are as bad as they are?
