Where did this economic mess begin? It pretty much came from several years of carelessly granting morgage loans and negotiations made through Wall Street. In 2001, professionals and officials knew the idea of a recession was not farfetched, so the Federal Reserve come up with this "genius" idea to slash morgage loan rates to 1% to bring back the economy, which, in turn, allowed people to basically buy homes they couldn't afford, causing them to default on their loans, which killed the economy within a matter of years. Simultaneously, Wall Street decided to split the riskiest morgages amongst several different investors to trade and sell. Unfortunately, people defaulted on their loans causing the housing market to crash.
In order to fix our little predicament, we need some money, right? Of course we do! And where will a lot of it come from? Oh, you guessed it; TAXPAYERS LIKE YOU AND ME! I don't own a house, never tried to buy one either. I can barely keep up with the stock market. I had nothing to do with this, so my question is, why am I paying for it?
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment