A friend pointed me to the following article recently:
Home Ownership in a Bubble: A Fast Path to Poverty?
The most fascinating for me is that this article by Dean Baker and Simon Baribeau was written in 2003! Were we all blind? How is it possible, especially here in California that we walked from one bubble (dot com) to another? The warning signs were all around us. Were we too greedy to resist temptation? Or we trusted “our economic” leaders too much?
Obviously, the feds took advantage of our love and desire for our own place and gave us tax breaks to lure us in. Tax breaks helped to stimulate the economy and the overall growth. But when stimulation became the over stimulation?
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