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Housing Bubble Quotes

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Housing Bubble Quotes

“Consider the recent financial crisis and its link to faulty reward systems. President Bill Clinton's objective of increasing homeownership by rewarding potential home buyers and lenders is one example. The Clinton administration "went to ridiculous lengths" to increase homeownership in the United State, promoting "paper-thin down payments" and pushing lenders to give mortgage loans to unqualified buyers according to Business Week editor Peter Coy.”

Ethics Economics Blind Spots Housing Bubble

Author:Max H. Bazerman

“In 2000, 41 percent of all borrowers with subprime loans would have qualified for conventional financing with lower rates, a figure that increased to 61 percent in 2006. By then, African American mortgage recipients had subprime loans at three times the rate of white borrowers. Higher-income African Americans had subprime mortgages at four times the rate of higher-income whites. Even though it’s own survey in 2005 revealed a similar racial discrepancy, the Federal Reserve did not take action. By failing to curb discrimination that its own data disclosed, the Federal Reserve violated African Americans’ legal and constitutional rights.”

Racism Housing Bubble Subprime Mortgage Loans

Book:The Color of Law: A Forgotten History of How Our Government Segregated America

Source: The Color of Law: A Forgotten History of How Our Government Segregated America

“There is plenty of blame to go around for the U.S. housing bubble, but not much of it belongs to Fannie Mae and Freddie Mac. The two giant housing-finance institutions made many mistakes over the decades, some of them real whoppers, but causing house prices to soar and then crater during the past decade weren't among them.”

Made Two Real Past House Mistake Institutions Blame Decades Finance Plenty Giants Bubbles Soar Housing Macs Mae Craters House Prices Housing Bubble

Author:Mark Zandi

“Too-easy credit and millions of bad loans made during the U.S. housing bubble paved the way for the financial calamity and Great Recession that followed. Today, by contrast, credit is too tight. Mortgage loans are particularly hard to get, creating a problem for the housing market and the broader economy.”

Way Made Hard Problem Today Easy Millions Economy Creating Financial Credit Bubbles Contrast Housing Loan Calamity Mortgage Recessions Great Recession Housing Market Housing Bubble

Author:Mark Zandi

“A snarky but accurate description of monetary policy over the past five years is that the Federal Reserve successfully replaced the technology bubble with a housing bubble”

Years Past Technology Five Policy Five Years Description Bubbles Accurate Reserves Replaced Housing Over The Past Monetary Federal Reserve Monetary Policy Housing Bubble

Author:Paul Krugman

“Some societies are also more optimistic than others: the U.S. and Australia are my two picks Tell a European you think there’s a housing bubble and you’ll have a reasonable discussion. Tell an Australian and you’ll have World War III. Been there, done that!”

Thinking World Two War Done Picks Optimistic Discussion War Of The Worlds Reasonable Australia World War Ii Bubbles World War I Housing Australian Been There Done That Housing Bubble

Author:Jeremy Grantham

“Major labels just lost their way. It's like the housing bubble. They lost a sense of the fundamentals.”

Way Lost Majors Fundamentals Labels Bubbles Housing Housing Bubble

Author:Win Butler

“It is no exaggeration to say that rising inequality has driven many of the 99 percent into a financial ditch. It also helped spawn the housing bubble that gave us the financial crisis of 2008, the lingering effects of which have forced many OWS protesters to try to launch their careers in by far the most inhospitable labor market we've seen since the Great Depression. Even those recent graduates who manage to find jobs will suffer a lifelong penalty in reduced wages.”

“In fact, I'd say that the sources of the economy's expansion from 2003 to 2007 were, in order, the housing bubble, the war, and - very much in third place - tax cuts.”

War Philosophy Facts Political Order Economy Cutting Source Taxes Economics Thirds Bubbles Expansion Housing Tax Cuts Third Place Housing Bubble

Author:Paul Krugman

“From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial 'boom' followed by a recession or depression when the Fed-created bubble bursts.”

“Increasing access to federal student loans has been a bipartisan effort in Washington, one that I have supported. But it has created what many experts believe is a bubble in higher education, not unlike the housing bubble that preceded the financial crisis.”

Source: American Dreams: Restoring Economic Opportunity for Everyone

“When I hear [about a housing bubble] I get the sense that people aren't connecting the dots.”

People Economic Bubbles Connecting Housing Dots Great Depression Connecting The Dots Housing Bubble

Author:James K. Glassman

“In the economy of the cuckoo people that populate central banks, everything is possible. What you have is gigantic bubbles, the NASDAQ in 2000, then the housing bubble and then commodities in 2008 when oil went from $78 to $147 before plunging to $32 within six months.”

People Economy Months Six Oil Bubbles Commodity Six Months Housing Central Banks Cuckoos Housing Bubble

Author:Marc Faber