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RKenn
1 Comment
A Far Cry from "Hooverville" [view article]
Actually, the Fed gets the blame, with support from Congress. Had Greenspan not pushed interest rates to ridiculously low levels, "mortgage gambling" would not have occurred. Congress helped by excluding up to $500,000 in capital gains from the selling of property. Bottom line: Both entities wanted a housing bubble, but ignored the law of unintended consequences. Apr 01 12:47 PM