I am African American I did not vote for President Obama. I did not known of Mr Sowell before seeing this youtube up load. Thank you now it is time to buy his books.
Thank goodness I discovered Thomas Sowell. I recommend that everyone read his trilogy Race and Culture, Migrations and Culture, and Conquests and Culture. These books examine how all these issues have played out all over the world for thousands of years, and what the implications are for U.S. policy. REQUIRED READING, PEOPLE!
This video reminds me of an incident I was told about while I was working on the top of the line fighter\bomber in the USAF in the early seventies. One our technicians was operating a hydraulic power ground support device. He did not open the doors that allowed cooling air to flow. The unit caught fire and he put the fire out. He was given a medal for putting out a fire that he caused. I guess this kind of thing is more common for government entities.
I'm 36. As a hispanic pro-capitalist, republican, pro-free trade, conservative, I am literally alone in my hispanic community. I don't preach anything. I keep my thoughts to my self. I understand that liberalism ideology is easier to devour. However, I can't begin to tell you how many (if not all) hispanics (when on topic) speak on philosophies that correspond to conservatism. I wish there were millions of Marco Rubio's in my community. Sucks that it's so much easier to think like a socialist.
Same here! Except I'm not black, but Arabic. I need to buy his books as soon as possible! This guy has a mind so beautiful and clear, it's a SHAME and a SHOCK he isn't publicized more! But I guess logical thought and expression is an enemy to politicians and mass media...
@CartoonDiablo5 as i understand it, fannie and freddy acted as sort of a safety net for private banks. in other words, private institutions didn't have to worry about approving risky loans because they knew fannie and freddy would buy them up if people defaulted on them. once you remove that risk, it makes no sense for them not to approve subprime loans. however, if fannie and freddy didn't get involved then private banks would have less incentive to offer these high risk loans.
I think Sowell is being over critical about Bush's role in this: the Bush administration warned in the budget it issued in April 2001 that Fannie and Freddie were too large and overleveraged. Their failure "could cause strong repercussions in financial markets, affecting federally insured entities and economic activity" well beyond housing. President Bush in 2003 proposed a bill to strengthen Freddie Mac and Fannie Mae regulation. But Rep. Barney Frank and Sen. Chris Dodd both stated Fannie and Freddie were not facing any financial crisis. In 2005, the Bush administration made another attempt to downsize Freddie Mac and Fannie Mae, the bill got through the House committee, despite unanimous Democratic opposition. A vote was blocked by Democrats on the floor of the Senate. By 2008 President Bush called for Freddie Mac and Fannie Mae reform, 17 times, the 18th time was the charm. In July (too late) Congress passed a reform bill that contained key elements of what the Bush administration had proposed five years earlier. The Democrats just kept denying there was a housing bubble that was about to burst. If the Democrats would have taken President Bush’s advice five years before, they may have prevented the housing crisis, or certainly would have lessened the financial impact.
My, wasn't that articulate? NB69, I'm as white and legitimately conservative as you could possibly ask for, but that doesn't mean that I have any patience for "compassionate conservatives" like GWB. I'd vote for Sowell in a heartbeat and I greatly miss Ronald Reagan. Especially in his first term, RR was tops in my book.
Good video. I generally accept his theory's how the housing bubble started going. But the one thing he never talks about is how monetary policy played a large part in all of this. I always wonder why monetarists are so afraid to talk about the money supply and other instruments of monetary policy.
@gneissday I didn't know any of that! I knew Milton Friedman and I knew Thomas Sowell, but had no idea that they could be related more than two exceptional economists. It's mind baffling to think that this man once championed marxism- and he's a bright guy; it'd be hard to convince him and Friedman did it. That's an incredible story..
"Manage for the downside and the upside will take care of itself" Art of the Deal - Donald Trump "Politics is tricky; it cuts both ways. Every time you make a choice, it has unintended consequences." Stone Gossard
@TeslaThoughtOfThis Thomas Sowell has way too much integrity to seek that office. I'm amazed people still think the US presidency has some relevance anymore.
Im shocked he did not blame it on subprime nee black folk, but then not to let me down he blamed the government bureaucracts, instead of the greedy capitalist bankers, who after all were just doing capitalism's maximize profit thing.
June 24, 2002 Realtytimes.When President Bush announced his Minority Homeownership plans last week in Atlanta, his top priorities were new federal programs: a $2.4 billion tax credit to facilitate home purchases by lower-income first-time buyers, and a $200 million national downpayment grant fund. Kenneth R. Harney
@cristoballs yes, low interest rates played a role in this, but it wasn't the major cause. the fact is, banks are less likely to lend money, if they don't think there's a good chance they will get paid back. when you eliminate the risk that they won't get paid back, it makes it a lot easier for them to approve a loan.
@shophar That's awesome! Don't forget to look into Milton Friedman, Sowell's professor while at U. of Chicago. What's interesting is that Sowell was a Marxist while at the university then changed his views after working for the government; now a champion of freedom and free markets. He dispels many myths.
@cristoballs put yourself in the position of a loan officer. if someone wants to borrow large amounts of money from a bank to purchase multiple properties, even if they have decent credit, but not enough money to make the combined monthly mortgage payments, would you lend that much money if those loans weren't insured?
more.....Instead, most of the heavy lifting was assigned to two mortgage market players that have sometimes come under fire from Bush administration officials and Congressional Republicans: Fannie Mae and Freddie Mac.
He admits where he stands, but he also asks his questions either from the leftern/oppositional view/position or at least from an objective one. Actually, I don't find him to be very smug at all, but quite fair. I find the people Sowell criticizes (the so-called "intellectuals") to be just that. In any case, he gives far more benefit of the doubt to his opposition than does the insane left, who, at the very least, are simply high minded and naive, if not all out bought and paid for.
wow...he gives the "benefit of the doubt" on one of the most significant events in modern history that pretty much debunks his world view of "if only we let the markets be". props to him for not being smug about trying to spin another instance of unregulated markets causing a massive financial crash into a narrative of "it was too mugh regulation!!"
I never discounted Barney Frank's role in the crisis. I'm simply claiming that Sowell's "Oh, Barney Frank carries most of the blame" is not honest. Pointing fingers at the other guy is never a good way to a solution, even if it feels good. Am I a partisan? Probably, but I can still call bullshit when I see bullshit.
Why dont we value good, smart and exceptional people like this in our Political Landscape these days. I think I know why. See if you agree. Its because the Tail has been wagging the Dog for so long that it has gotten even Cultural and Popular elites to follow down a path to nowhere. In other words, it has become cool to give people stuff! We want Politicians to go up there and not tell us the hard facts but instead tell us how much stuff and Rights they can give us. Its a bad cycle we're in
@CartoonDiablo5 let's assume what you're saying is true, and that there's not information to the statistic you cited. do you really think we would anywhere close to the mess we found ourselves in with this credit crisis?
Cristoballs do U know the percentages of these loans secured by Fannie and Freddy and how many of these loans ended up in default???????? when U have that info then U could give Ur opinion otherwise just stop writting non sense the no way on hell two semi private funded government entperprises could cause a destrucion of an economy like the one in the USA use your comon sense
@CartoonDiablo5 The Fed, although not technically a part of the government is a centralized power that artificially regulates the prime rate. Greenspan should've let the rates remain where they were to clear the field of bad investors. Instead he worked in collusion with the government to create a bubble so neither Greenspan or the government would have a necessary recession on their watch.Obama and Bernanke are doing the same thing with the dollar that Greenspan and congress did with housing.
fora t.v.! where is the fluff ,feel goodism in this piece .? I am confused , can we go back to analyzing what color refrigerator will go with my new kitchen sink
@CartoonDiablo5 glass-steagall had little if anything to do with the financial crisis. those touting it was responsible or that it could have helped matters need to explain themselves better. it's easy to point a piece of legislation and say, "aha! that's the cause." it's a completely different to actually explain how it had anything to do with the crisis. this was all about the government making loans more accessible to people who, quite frankly, couldn't afford to pay them back.
I think one of the big problems with housing nowadays is everyone wants a huge house. 4-5 bedrooms, 2-3 baths. Even if they don't have kids. But even if thats not the case unfortunately its the only houses people build nowadays. I think a whole lot more people would be able to afford a house if some were built smaller. Its probbaly just a failure of the market due to government intervention, people built big houses, cause people were able to get mortgages for them.
Be careful what you wish for. You want single family homes to be reserved for people with big families. Small single family homes with one or two residents living in a suburb cause traffic. Families that size really belong in townhomes and condos to prevent all of the externalities of urban sprawl.
@@gruweldaad how does it cause more traffic? For example, if you take town houses and spread them out a little bit, I don't see how that causes traffic
@CartoonDiablo5 "Also it doesn't even make sense, poor people can't tank an entire economy." When you lend people money on a massive scale and they don't pay it back, it tanks the economy.
@MrSchultzstaffel ok now your throwing another point at me that is wrong banks could have refused the loans but they made them on their own will after fannie and freddie mac agreed to purchase all the bad loans most banks sold them to countrywide 1st. so if the person did not have a job and did not provide fake income with his loan officer/broker then he would have been denied if he did not have at least 2 years credit history he would have been denied. you are incorrect.stop talking start askin
@drbayoms And your point is what? That upon getting to Washington, he would have immediately become a corporatist? No, unlike Obama, Sowell actually believes in something.
@CartoonDiablo5 it has everything to do with people being bad with their money. i don't necessarily mean poor people. i'm talking about people who also got into the house flipping market, hoping to make a quick buck. these people over-leveraged themselves by taking on too many mortgages at once, something the banks were more than happy to approve because they were more or less insured if people walked away from their loans. (cont.)
cristoballs ut U have the statistics how many loans in dollares we secure by Fannie and Freddy and how many of these loans end up in default U have that INFO??????????? or just believes everything that Sowell said
The national and world economies are both immensely complicated and neither you nor I can honestly say how much one factor affected it over another. I'm saying Sowell, as smart as he is, is human and he doesn't know either. In some way, "freedom" is to blame, in that banks were free to speculate beyond their means and turn mortgages into MBS. But the opposite of that "freedom" isn't servitude any more than laws against rape are "servitude". C'mon, Hayek aside, hyperbole is no argument.
@drbayoms are you insane? Shuckling and jiving for Wall Street, Sowell is criticizing the underlying system which provides the environment for Wall Street to behave recklessly.
this was an interesting comment stream , I did see where you became frustrated at on point , I t was puzzling ,but not surorising that sugarpuddin 88 s comments were thumbed down . I rather thought his analyses the best explanation of the genesis of the meltdown that we are in" yes including the reference to bldg.7w.t.c.." Fora tv which is old school liberal is like a deer in the headlights with the new paradigm developing in u.s. politics . The left right ,divide and conquer template is dying
So U giuys really believe that Freddy and Fannie caused the collpase of the economy guys do ur homework there no way that the economy would have collpase becuase these two entities is illogical only 5% only the loans that Fannie and Freddy secure were bad how come only 5% on these loans could collpase the US economy jajajajajaj THomas sowell don't make me laugh
thomas sowell ia a national treasure; a truly brilliant man. my local newspaper used to carry editorials by mr sowell, until it's editorial page morphed into such a liberal piece of crap i quit reading the paper altogether.
i love how you guys hold Sowell to a high standard... the markets were deregulated, allowed for no agency to oversee the quite frankly criminality between Mac and Mae, Moody's and so on. Alan Greenspan is responsible, Bush is responsible... but to push a narrative that poor people and immigrants and not on the clear lack of regulation that quite frankly enabled criminal level of rating practices as well as banks willingly lending money to people that shouldn't have and blame Frank, while completely ignoring the fact that this wasn't a unique American problem, bur rather a world wide problem.
2008, the year we learned the hard way, that not everyone should own a house! Many of us that should were lucky to make it to 2010 still owning our own houses.
The problem was not homeownership, but using derivatives to turn banking into a casino game of musical chairs. The greedy traders turned a couple of trillion dollars of mortgagesv into 20 plus trillion dollars of monopoly money, and when the mu sic stopped the taxpayers were left without a chair, but being gullible they paid off the the thieves, and let the thieves blame it on subprime instead of the greedy bankers/investors and their derivative based poker chips. Of course Sowell, eveready to protect capitalism ignores deregulation and blames the clerks instead of tge cheatscwho used deregulation to cheat. I prefer Buffett who called derivitives weapons of mass destruction.
"Lack of regulation caused the housing bubble and subsequent market crash...." It's a fallacy. We've had 0 housing regulations before, and a housing crash such as this didn't happen.
"He was thinking about getting re-elected."
I love Thomas Sowell. He's so direct.
I am African American I did not vote for President Obama. I did not known of Mr Sowell before seeing this youtube up load. Thank you now it is time to buy his books.
Undoubtly, the smartest man alive today!
Definitely up there with an IQ of 170 or 180 as Isaac Newton and John Adams have.
Bullshit.
Thank goodness I discovered Thomas Sowell. I recommend that everyone read his trilogy Race and Culture, Migrations and Culture, and Conquests and Culture. These books examine how all these issues have played out all over the world for thousands of years, and what the implications are for U.S. policy. REQUIRED READING, PEOPLE!
This video reminds me of an incident I was told about while I was working on the top of the line fighter\bomber in the USAF in the early seventies. One our technicians was operating a hydraulic power ground support device. He did not open the doors that allowed cooling air to flow. The unit caught fire and he put the fire out. He was given a medal for putting out a fire that he caused. I guess this kind of thing is more common for government entities.
Wow gr8 story.
Sowell doesn't have to think of an answer to any question. He always gives a direct fact or opinion.
Thomas Sowell is so cool.
I'm 36. As a hispanic pro-capitalist, republican, pro-free trade, conservative, I am literally alone in my hispanic community. I don't preach anything. I keep my thoughts to my self. I understand that liberalism ideology is easier to devour. However, I can't begin to tell you how many (if not all) hispanics (when on topic) speak on philosophies that correspond to conservatism. I wish there were millions of Marco Rubio's in my community. Sucks that it's so much easier to think like a socialist.
This man is a prince among men. What a blessing to have the opportunity to hear him speak.
Same here! Except I'm not black, but Arabic. I need to buy his books as soon as possible! This guy has a mind so beautiful and clear, it's a SHAME and a SHOCK he isn't publicized more! But I guess logical thought and expression is an enemy to politicians and mass media...
@CartoonDiablo5 as i understand it, fannie and freddy acted as sort of a safety net for private banks. in other words, private institutions didn't have to worry about approving risky loans because they knew fannie and freddy would buy them up if people defaulted on them. once you remove that risk, it makes no sense for them not to approve subprime loans. however, if fannie and freddy didn't get involved then private banks would have less incentive to offer these high risk loans.
I think Sowell is being over critical about Bush's role in this:
the Bush administration warned in the budget it issued in April 2001 that Fannie and Freddie were too large and overleveraged. Their failure "could cause strong repercussions in financial markets, affecting federally insured entities and economic activity" well beyond housing.
President Bush in 2003 proposed a bill to strengthen Freddie Mac and Fannie Mae regulation. But Rep. Barney Frank and Sen. Chris Dodd both stated Fannie and Freddie were not facing any financial crisis.
In 2005, the Bush administration made another attempt to downsize Freddie Mac and Fannie Mae, the bill got through the House committee, despite unanimous Democratic opposition. A vote was blocked by Democrats on the floor of the Senate.
By 2008 President Bush called for Freddie Mac and Fannie Mae reform, 17 times, the 18th time was the charm. In July (too late) Congress passed a reform bill that contained key elements of what the Bush administration had proposed five years earlier. The Democrats just kept denying there was a housing bubble that was about to burst. If the Democrats would have taken President Bush’s advice five years before, they may have prevented the housing crisis, or certainly would have lessened the financial impact.
My, wasn't that articulate? NB69, I'm as white and legitimately conservative as you could possibly ask for, but that doesn't mean that I have any patience for "compassionate conservatives" like GWB.
I'd vote for Sowell in a heartbeat and I greatly miss Ronald Reagan. Especially in his first term, RR was tops in my book.
Good video. I generally accept his theory's how the housing bubble started going. But the one thing he never talks about is how monetary policy played a large part in all of this.
I always wonder why monetarists are so afraid to talk about the money supply and other instruments of monetary policy.
@gneissday I didn't know any of that! I knew Milton Friedman and I knew Thomas Sowell, but had no idea that they could be related more than two exceptional economists. It's mind baffling to think that this man once championed marxism- and he's a bright guy; it'd be hard to convince him and Friedman did it. That's an incredible story..
"Manage for the downside and the upside will take care of itself" Art of the Deal - Donald Trump
"Politics is tricky; it cuts both ways. Every time you make a choice, it has unintended consequences." Stone Gossard
@TeslaThoughtOfThis Thomas Sowell has way too much integrity to seek that office. I'm amazed people still think the US presidency has some relevance anymore.
This man is a visionary
Nicely put, dilbert.
Im shocked he did not blame it on subprime nee black folk, but then not to let me down he blamed the government bureaucracts, instead of the greedy capitalist bankers, who after all were just doing capitalism's maximize profit thing.
So Barney Frank wanted to "roll the dice" with trillions of taxpayer's dollars, but he's still in office? America gets the leadership it deserves.
June 24, 2002 Realtytimes.When President Bush announced his Minority Homeownership plans last week in Atlanta, his top priorities were new federal programs: a $2.4 billion tax credit to facilitate home purchases by lower-income first-time buyers, and a $200 million national downpayment grant fund.
Kenneth R. Harney
@shophar
did you vote at all, and if so, for whom?
Gotta love the 1st rule of politics!
@cristoballs yes, low interest rates played a role in this, but it wasn't the major cause. the fact is, banks are less likely to lend money, if they don't think there's a good chance they will get paid back. when you eliminate the risk that they won't get paid back, it makes it a lot easier for them to approve a loan.
I like this guy Sowell, refreshingly unreserved.
Thomas Sowell is kind of my idol. :) Is that weird?
Nope
He’s my idol too!
@shophar That's awesome! Don't forget to look into Milton Friedman, Sowell's professor while at U. of Chicago. What's interesting is that Sowell was a Marxist while at the university then changed his views after working for the government; now a champion of freedom and free markets. He dispels many myths.
@cristoballs put yourself in the position of a loan officer. if someone wants to borrow large amounts of money from a bank to purchase multiple properties, even if they have decent credit, but not enough money to make the combined monthly mortgage payments, would you lend that much money if those loans weren't insured?
more.....Instead, most of the heavy lifting was assigned to two mortgage market players that have sometimes come under fire from Bush administration officials and Congressional Republicans: Fannie Mae and Freddie Mac.
I wish someone would produce a movie about this brilliant American that has been marginalized by the left...
He admits where he stands, but he also asks his questions either from the leftern/oppositional view/position or at least from an objective one. Actually, I don't find him to be very smug at all, but quite fair. I find the people Sowell criticizes (the so-called "intellectuals") to be just that.
In any case, he gives far more benefit of the doubt to his opposition than does the insane left, who, at the very least, are simply high minded and naive, if not all out bought and paid for.
wow...he gives the "benefit of the doubt" on one of the most significant events in modern history that pretty much debunks his world view of "if only we let the markets be". props to him for not being smug about trying to spin another instance of unregulated markets causing a massive financial crash into a narrative of "it was too mugh regulation!!"
GOOGLE
Bush Minority Homeownership Plan Rests Heavily on Fannie and Freddie
by Kenneth R. Harney written before the fact
Published: June 24, 2002
I never discounted Barney Frank's role in the crisis. I'm simply claiming that Sowell's "Oh, Barney Frank carries most of the blame" is not honest. Pointing fingers at the other guy is never a good way to a solution, even if it feels good. Am I a partisan? Probably, but I can still call bullshit when I see bullshit.
Why dont we value good, smart and exceptional people like this in our Political Landscape these days. I think I know why. See if you agree.
Its because the Tail has been wagging the Dog for so long that it has gotten even Cultural and Popular elites to follow down a path to nowhere. In other words, it has become cool to give people stuff! We want Politicians to go up there and not tell us the hard facts but instead tell us how much stuff and Rights they can give us. Its a bad cycle we're in
@CartoonDiablo5 let's assume what you're saying is true, and that there's not information to the statistic you cited. do you really think we would anywhere close to the mess we found ourselves in with this credit crisis?
Cristoballs do U know the percentages of these loans secured by Fannie and Freddy and how many of these loans ended up in default???????? when U have that info then U could give Ur opinion otherwise just stop writting non sense the no way on hell two semi private funded government entperprises could cause a destrucion of an economy like the one in the USA use your comon sense
He's also a Rush Limbaugh fan.
@MrSchultzstaffel I will say maybe less than 5% of the toxic loans were forced to be funded under CRA not nearly enough to destroy the economy.
@CartoonDiablo5 The Fed, although not technically a part of the government is a centralized power that artificially regulates the prime rate. Greenspan should've let the rates remain where they were to clear the field of bad investors. Instead he worked in collusion with the government to create a bubble so neither Greenspan or the government would have a necessary recession on their watch.Obama and Bernanke are doing the same thing with the dollar that Greenspan and congress did with housing.
@shophar i wish Thomas Sowell was our first black president. I think obama has ruined it for quite some time.
@TeslaThoughtOfThis Clinton was ascribed by some communities as "The first black president" but Obama is our first half black president.
fora t.v.! where is the fluff ,feel goodism in this piece .? I am confused , can we go back to analyzing what color refrigerator will go with my new kitchen sink
@CartoonDiablo5 glass-steagall had little if anything to do with the financial crisis. those touting it was responsible or that it could have helped matters need to explain themselves better. it's easy to point a piece of legislation and say, "aha! that's the cause." it's a completely different to actually explain how it had anything to do with the crisis. this was all about the government making loans more accessible to people who, quite frankly, couldn't afford to pay them back.
I think one of the big problems with housing nowadays is everyone wants a huge house. 4-5 bedrooms, 2-3 baths. Even if they don't have kids. But even if thats not the case unfortunately its the only houses people build nowadays. I think a whole lot more people would be able to afford a house if some were built smaller. Its probbaly just a failure of the market due to government intervention, people built big houses, cause people were able to get mortgages for them.
Be careful what you wish for. You want single family homes to be reserved for people with big families. Small single family homes with one or two residents living in a suburb cause traffic. Families that size really belong in townhomes and condos to prevent all of the externalities of urban sprawl.
@@gruweldaad how does it cause more traffic? For example, if you take town houses and spread them out a little bit, I don't see how that causes traffic
Now, here we are in 2023 and Signature Bank has failed. Who sat on their board? Barney Frank.
@CartoonDiablo5
"Also it doesn't even make sense, poor people can't tank an entire economy."
When you lend people money on a massive scale and they don't pay it back, it tanks the economy.
@MrSchultzstaffel ok now your throwing another point at me that is wrong banks could have refused the loans but they made them on their own will after fannie and freddie mac agreed to purchase all the bad loans most banks sold them to countrywide 1st. so if the person did not have a job and did not provide fake income with his loan officer/broker then he would have been denied if he did not have at least 2 years credit history he would have been denied. you are incorrect.stop talking start askin
@drbayoms And your point is what? That upon getting to Washington, he would have immediately become a corporatist? No, unlike Obama, Sowell actually believes in something.
When I grow-up i want to be as brilliant an economist as Barney!!!!!!!!!!!!!!!! He be the mannnnnnnnn!
the rulers start out as angels, and once they get enough power they turn in their halos for pitchforks
@CartoonDiablo5 it has everything to do with people being bad with their money. i don't necessarily mean poor people. i'm talking about people who also got into the house flipping market, hoping to make a quick buck. these people over-leveraged themselves by taking on too many mortgages at once, something the banks were more than happy to approve because they were more or less insured if people walked away from their loans. (cont.)
cristoballs ut U have the statistics how many loans in dollares we secure by Fannie and Freddy and how many of these loans end up in default U have that INFO??????????? or just believes everything that Sowell said
@MrSchultzstaffel the truth that you just told in your comment has nothing to do with race! Did somebody say you were racist based on what you wrote?
The national and world economies are both immensely complicated and neither you nor I can honestly say how much one factor affected it over another. I'm saying Sowell, as smart as he is, is human and he doesn't know either. In some way, "freedom" is to blame, in that banks were free to speculate beyond their means and turn mortgages into MBS. But the opposite of that "freedom" isn't servitude any more than laws against rape are "servitude". C'mon, Hayek aside, hyperbole is no argument.
Barney Frank actually has the balls to deny he ever took that stand. He keeps getting re-elected somehow.
the Bush admin didn't they warn congress to rein in fannie and freddie
Yeah I dont know why peopel Blame Bush as being a conservative. He waas more of a progressive. Progressive ideas have no worked
what subziding housing have to do with Fannie and Freddy
Are you Barney Frank's lover by chance?
Peter Robinson's bias gets more unabashed every time I see him speak.
Cristoballs he loan officer to actually lend the money to the person each bank has guidelines and procedures for your better infrmation
Not at all.
He isn't anti-Semitic.
Sowell U right about the government set one goal and don;t care about the reprocautions just lik the Iraq war right Sowell
@pretorious700 Unfortunately, the president's office has way too much relevance in today's society.
@drbayoms are you insane? Shuckling and jiving for Wall Street, Sowell is criticizing the underlying system which provides the environment for Wall Street to behave recklessly.
this was an interesting comment stream , I did see where you became frustrated at on point , I t was puzzling ,but not surorising that sugarpuddin 88 s comments were thumbed down . I rather thought his analyses the best explanation of the genesis of the meltdown that we are in" yes including the reference to bldg.7w.t.c.." Fora tv which is old school liberal is like a deer in the headlights with the new paradigm developing in u.s. politics . The left right ,divide and conquer template is dying
So U giuys really believe that Freddy and Fannie caused the collpase of the economy guys do ur homework there no way that the economy would have collpase becuase these two entities is illogical only 5% only the loans that Fannie and Freddy secure were bad how come only 5% on these loans could collpase the US economy jajajajajaj THomas sowell don't make me laugh
@elsquibbs Yeah it's mystifying isn't it? But then again... you can get a lot of people to vote for you if you promise free stuff
@jrhd00d84 good JOB?
Crooked Wall Street 🤑‼️
@sharpraiderbrown he's already stoned with weed.......
@anyusmoon1 because lamestream would be too lame for him
So far!
pretorious that it is not true
thomas sowell ia a national treasure; a truly brilliant man. my local newspaper used to carry editorials by mr sowell, until it's editorial page morphed into such a liberal piece of crap i quit reading the paper altogether.
Thomas Sowell one of the smartest people in America. Why doesn't he run for office? Maybe he lives in a leftist state.
@nef2442
Yep!!!!
i love how you guys hold Sowell to a high standard... the markets were deregulated, allowed for no agency to oversee the quite frankly criminality between Mac and Mae, Moody's and so on. Alan Greenspan is responsible, Bush is responsible... but to push a narrative that poor people and immigrants and not on the clear lack of regulation that quite frankly enabled criminal level of rating practices as well as banks willingly lending money to people that shouldn't have and blame Frank, while completely ignoring the fact that this wasn't a unique American problem, bur rather a world wide problem.
Nah
2008, the year we learned the hard way, that not everyone should own a house!
Many of us that should were lucky to make it to 2010 still owning our own houses.
The problem was not homeownership, but using derivatives to turn banking into a casino game of musical chairs. The greedy traders turned a couple of trillion dollars of mortgagesv into 20 plus trillion dollars of monopoly money, and when the mu sic stopped the taxpayers were left without a chair, but being gullible they paid off the the thieves, and let the thieves blame it on subprime instead of the greedy bankers/investors and their derivative based poker chips. Of course Sowell, eveready to protect capitalism ignores deregulation and blames the clerks instead of tge cheatscwho used deregulation to cheat. I prefer Buffett who called derivitives weapons of mass destruction.
-and it all started with lenders issuing mortgages to borrowers they knew couldn't afford them: therefore not everyone should own a house.
@TeslaThoughtOfThis i would have rather he been the first black president
No, I actually don't, I think greed and lack of regulation did.
Lack of regulation caused the housing bubble and subsequent market crash;
thats your position?
"Lack of regulation caused the housing bubble and subsequent market crash...."
It's a fallacy. We've had 0 housing regulations before, and a housing crash such as this didn't happen.