the real estate community does.
Not even close... They don't have a magic 'wealth printing machine' to inflate or destroy the economy with, all they can do is lie about the worth of their properties. If there is a 2nd-closest industry it would be law... They've got their hands in every pie too, and since they somewhat control the threat of a states' force their kung fu is pretty strong too... But I can't think of any time they've used it to do as much damage as say, the Fed has.
In the end, it's really all the State's fault... If the state didn't exist, (and wasn't so corruptible) these cronies couldn't take advantage of it to do such things at all... They'd be no more powerful than you or I without the threat of state force enforcing their monopolies.
and all those families you mentioned were from a previous century. sure, chase & morgan still exist in name only, but are you saying their family culture is what caused the 2008 recession?
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More than their culture; their Legacy and their employees that run things today.
if you had to single out someone, i don't blame you for choosing them, but i question whether someone has to be singled out. rothschild didn't push people to consider buying outside their means. chase didn't show people the houses. morgan didn't tell people houses were always going to appreciate.
Actually there was a balance in the RE market that lasted for many decades that was never tipped until some banker came up with the idea to make that unique blend of repackaged mortgage-backed securities. Suddenly a new device was on the market that was extremely risky on the investment side because it allowed idiots on the retail side to get into mortgages they never should have gone near before...
Lenders started making bad loans thinking those packaged MBSs would protect them... In the end they couldn't keep it up of course, but through lobbyist control over the state, the fatcat bankers who caused the root of this whole problem got away in their golden parachutes... Is that right?
Sure, the homeowners accepted the bad loans but they were not educated on the difference between a normal loan and those skanky loans... Both parties are to blame.
quit associating power with blame just because its common practice. everyone who thought real estate prices would never fall, which is to say everyone, is to blame.
I see the state as the worst evil here, so clearly your assumption is wrong. However, there is certainly some truth to the fact that the new, riskier recipe of the MBSs caused an imbalance to the system which caused all the problems back then... Shouldn't someone have investigated the decision-making process of those that created those MBSs?
Meanwhile, that burst bubble is NOTHING compared to what's about to happen with the USD now that we're no longer the world reserve currency. It seems a little silly to be talking about the cause of that cute little Ripple in the kiddie pool when a huge tsunami is coming right at us now. :uhoh2: