2008 Financial Crisis, Government Responsibility

Peter J Wallison’s book, “Hidden in Plain Sight: what really caused the world’s worst financial crisis and why it could happen again” was a fascinating read.

He is an eminent economist and member of the committee to investigate the 2008 crisis, https://en.wikipedia.org/wiki/Peter_J._Wallison.

Did the banks, mortgage companies, mortgage brokers contribute to the crisis? Without a doubt, yes. Were they totally responsible, absolutely not!

The role of government has been disregarded by the press and Congress. The private sector has had all the bad press, and they deserved some of it. But, Government deserves at least as much criticism, and both parties share in this criticism.

Government created the petri dish that this crisis grew in, as one of the leaders has admitted after retiring.  Barney Frank has admitted the policies to increase home ownership rates resulted in unintended consequences, the crisis of 2008, page 25…

If you read the book you cannot deny the conclusion, the data and evidence from those interviewed is overwhelming. Why is it not publicized, well, when the committee was formed by President Obama the makeup of the committee was not bi-partisan-chapter 3-eighty staff members total and one assigned to the republican members: six democrats and four republicans. Should it not have been half and half?

The lack of condemnation of government actions is infuriating to me. But the end of the book talks about this mess could happen again.

We are all entitled to our opinions, but not to our facts. This book is fact filled, please read, please contact your representative.