working_class

You Don't Own Real Estate - It Owns You

I was wondering, did the government orchestrate the bubble on purpose? The same dynamic has happened before and it goes something like this... A politician declares that they will make it possible for everyone to have a house by providing easy credit to underserved people. As a result the market is flooded with borrowed money, and prices respond naturally to the laws of supply and demand. The same thing happened with education. The price naturally and unsurprisingly has to rise. Politicians who come up with this stuff *had* to know they were forcing higher prices. They claim to be helping the hard-working masses, but the people who were benefited were speculators. The rest of us are left with spectacular life-time debt for education and housing. I wish all creditors would go away, all of them so that prices would be back in line with what a working person can save. But that's completely unrealistic, and so is owning a home debt-free.