I have long been well aware Obama was a key figure in the housing bubble and collapse, and to me it should be as much in everyone’s awareness. Since it clearly isn’t, since he appears to have a chance of winning the upcoming election (though I doubt he will even come close), it’s worth shouting from the virtual rooftops: Obama caused the collapse he inherited and worsened.
Not all by himself, since it goes back to Carter and was exacerbated by Clinton, but Obama was the lever pushing on Clinton.
And frankly, I think there was a bubble/excess rate of house price inflation before 1996, never mind afterward. Then it got truly crazy. Everyone was in on it, too. Every lawyer who handle real estate closings and talked up people about how of course they could get a mortgage, there were ways. Firsthand experience, there. Every realtor who delighted in the pace of sales and ever increasing prices. Every speculator who took advantage of the expanding bubble to flip and walk away. Madoff’s non-losing clients may have been subject to clawbacks, but the flippers and realtors will never be held to account for the profitably merry ride. Not that they necessarily ought to be. I’m not even sure Madoff’s non-losing clients should be, if they were in and out with no provable knowledge of fraud. It’s just a thought and an observation of the overheated time. I would not have touched a house then, because they were so obviousy overpriced. I probably wouldn’t have, even with an income that would allow it. Not unless I wanted to be one of those flippers. I could almost wish, given where I ended up.
Anyway, it seems karma has a sense of humor, laying the consequences of Obama the community organizer/lawyer on Obama the pretend president.