Quote:
Originally Posted by Takeda Shingen
I should point out to you that the one of the major causes of the gobal economic crisis was the collapse of the housing market, in no small part due to the issuance of subprime mortgages financed by the tax incentives given by HUD. This, of course, was begun in 1996 under the Clinton administration.
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While that is a contributing factor, it's by no means a "major cause" of the global financial crisis. Ultra low interest rate policies and negligent regulators, yes. But I fail to see how a distinctly American housing policy caused a global runup in housing prices. To say it's all one President's fault or another is pure politics, and not data driven analysis.
Not to derail this thread, of course.