re: What makes AOC or Oman less American than Trump?

quote:

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Trump standing up to the Big Banks which caused the financial crisis in 2008

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the crash of 2008 had its roots back to the mid 90s. When govenrment told the big bans they needed to lend to people even if they couldnt afford and should be trying to buy a house. there were tons of 100% financing options, so potential home buyers not no skin in the game and could even save to put 3% down. so a lot of people who should be in a house or were looking at a house that was too much for them (but told they qualified to borrow that much) looked at ways to lower the monthly payment.... enter variable rate mortgages and sub prime lending

the influx of new home buyers forced prices to rise, and exploded new home construction. people were not concerned with an exploding rate 5 years down the road, becasue their house would be worth more and they could sell or refi. fast forward to 2008, and the house of card crashed. banks were hiding high foreclosure rates, high numbers of slow/late payments in mortgage backed securities. eventually the chickens come home to roost, and that was the crash.


moral of the story, yet again, government intervention, casued the delayed crash.....