Beware of real-estate salesmen.The housing bubble that floated into view in 2007 is turning into the blob that ate the world. Real-estate mortgages and their derivative securities are a significant problem. That discrete problem, however, has been pumped up to an historic "crisis of capitalism."
Capitalism didn't tank the U.S. economy. Overbuilt housing did. Overbuilt housing tanked the economies of the U.K. and Ireland and Spain. If little else, we've learned that artificially cheap housing sets loose limitless moral hazard.
He's ABSOLUTELY right - "capitalism did not tank the U.S. economy." Shout that from the rooftops folks because that is the rap that Obama and the socialist thugs are using to take away your freedom. I would add my two cents to Dan's column to say that real estate agents and folks like Barnie Frank and Chris Dodd who insisted that cheap mortgages be made available were the root cause. Either way, it's a good read...click here and do it now!
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