was financial crisis caused by our our moral indifference

God's Son · Nov 15, 2009

iam glad obama is interested in wut this lady has to say but i dont think he will be able to do much bout it

the lack of ethical treatment of the weak among us will be the undoing of america, Jesus would not bless this union

She says that the more recent conservative philosophy of dismantling the old policy of providing affordable housing to those with smaller incomes in favour of the illusion that everyone can, and should, buy their own home played a central role in not only creating the housing crisis but the financial one.

"Part of the financial crisis has to do with these housing policy options because one of the main ideas of this policy is to promote home ownership to those who never got access to property. People who never had credit finally had banks provide them credit and they can buy a home. But it didn't work for the poor.

"So now we have a new face of homelessness – people who had homes, were not living in public housing, were not living in assisted housing, but now are in a position of asking for assistance because they're homeless. But the public housing has been destroyed," she said
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http://www.guardian.co.uk/world/2009/nov/12/united-nations-us-property-fallout

DonnyMost · Nov 15, 2009

I think our government is more to blame than god.

But that is a chicken and egg argument really.

"Which came first, morality or regulation?"

BucMan55 · Nov 15, 2009

I always thought it was greedy bankers pushing the adjustable rate mortgage. My family isnt in much different financial situations than the rest of these folks, but we got a fixed rate and have had no trouble.

YallMean · Nov 15, 2009

I find her logic hard to follow. Can someone explain it to me why public housing is destroyed by the financial crisis?

JuanValdez · Nov 16, 2009

YallMean said:

I find her logic hard to follow. Can someone explain it to me why public housing is destroyed by the financial crisis?
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Without reading, I would guess public housing was destroyed by the fall in demand (and therefore provision) resulting from more of its 'customers' buying their own homes with underpriced credit.

I haven't read it because the idea that it's a good thing to keep people dependent on government assistance just can't get any traction in my brain.

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