Re: Burning down the house! What caused our economic crisis??
Date: October 02, 2008 05:40PM
OMG - some 30 years ago and too many administrations to count.
The CRIP? You must be kidding!
This is grasping at straws. Yes, minority low income people bought houses. Owning a house is still the greatest wealth building tool thin nation has to offer.
Good lord. So, blame the CRIP on the economic crisis. go ahead. Look at you 401(k). You have had stock in companies like Home Depot and Lowes, Ryan and Pulte and other homebuilders, GE, IKEA, and banks to numerouse to count. All of these companies made massive gains because of the rise in home building and home wonership in the last 30 years, not the last 8 or so.
Remember, 30 years ago when the CRIP was implemented, homes were cheap by comparison to today. My home, built in 1973, originally sold for $24000 or something like that so I am told. A family of four could buy a house and pay only 25% or less of their income in mortgage payments. Now families are paying, or not paying, close to 50% or more of their income in morgage payments. It is a diffrerent world now.
Do you think the Go Go 80s and 90s stock market surge had anything to do with homeownership rates? They sure did! People who owned a home felt better about saving for retirement knowing their landlord could not raise the rent or kick them out as easily.
This country is in serious trouble with idiots spreading propaganda like this. Clueless, you are f-ing clueless!