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You're not seeing the forest through the trees..Would agree with you about the banks still controlling the underwriting process.........................however, the 2008 crisis was predicted 10 years prior when the Clinton Administration ordered Fannie Mae to lower lending standards. See NY times article from 1999 predicting what would happen in a less then hot economy. (i dont think the NY times was a conservative paper in 1999 when they wrote this article)
[EXTERNAL LINK] - Fannie Mae Eases Credit To Aid Mortgage Lending (Published 1999)
Not saying the entire 2008 crisis was from that 1 decision, but it shows a government or political party can incentivize bad behavior that results in catastrophe.
Just like Trumps "no tax on overtime" sounds great to get votes, but it will lower tax revenues & a ton of self employed people with S corps, etc will end up paying themselves "overtime" to avoid the income taxes they would on regular income of dividends from the business.
It is all political pandering on both sides to try to get votes for something that wont get enacted into law unless 1 party controls all 3 branches. Heck, the Democrats held all 3 branches not too long ago & forgot to push through pet projects when they had complete control
I want to vote for a 3rd party as both nominees are clowns
It literally doesn't matter who was in power..
Clinton reducing underwriting standards.
Bush not acting quick enough to preemptively addressing the faltering economy.
Obama not allowing banks that needed to fail to fail, and allowing further centralization of bad actors. Not holding anyone to account for the GFC.
Trump cutting taxes for the most wealthy and companies. Repeating significant parts of Dodd-Frank. Creating 40% of all money EVER CREATED in our history.
Biden adding to Trump's nonsense. Holding federal subsidized loans longer than necessary.
None of it matters.
What does matter:
The GLOBAL financial crisis happened in 2008.
The world has learned that they can kick the can down the road by not allowing ANY losses over the last 16 years.
The 18 year RE bubble is peaking. China's economy in crisis due to poor population controls and the RE market.
The US is teetering on the cusp of crisis in the Commercial RE market and have spent and borrowed themselves into a a debt spiral.
Please understand, only one time in the last 200 years world history has a country been able to recover after debt to GDP hit 135% within 10 years. The country either collapsed or there was a revolution.
You can bicker and bitch about whatever politician did what OR you can realize that all of history is telling you right now that there's a problem that almost can't be avoided.
All you can do is mitigate damage.
If someone's gimmick is to try to turn THIS part of the discussion into a political tit for tat, I'm not into it.