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Affordable what?
From a story in the Wall Street Journal: “Carlos Araya used to order lobster, filet mignon and $200 bottles of red wine at the Palm Restaurant in midtown Manhattan. Now, he seats customers at its Tribeca branch. Nowadays, during Mr. Araya's late nights at the Palm, reminders of his old life crop up when former colleagues come in. Some are encouraging and offer hugs. Others sneer, he says. "The way they look at you, you know they're thinking negatively," he says. Some are laid-off like him, and ask if the restaurant is hiring.” Few people realize that the Federal government had a lot to do with the financial collapse on Wall Street. Deregulation? No. That is not the entire story. The real story is that the federal bureaucrats (back in the 90s) thought that affordable housing was the panacea for lots of social ills. It was pushed in such a big way that everybody bought into the myth and soon, like lemmings, even people who should have known better were in favor of putting people who could not afford homes into homes they could not afford. That created a housing bubble of historic proportions which eventually led to abuses on an unprecedented scale. The financial mess was created by no more than five or six people - all of them somewhat delusional - and everyone who just went along. People are afraid to tell their bosses that they are wrong.
From a story in the Wall Street Journal: “Carlos Araya used to order lobster, filet mignon and $200 bottles of red wine at the Palm Restaurant in midtown Manhattan. Now, he seats customers at its Tribeca branch. Nowadays, during Mr. Araya's late nights at the Palm, reminders of his old life crop up when former colleagues come in. Some are encouraging and offer hugs. Others sneer, he says. "The way they look at you, you know they're thinking negatively," he says. Some are laid-off like him, and ask if the restaurant is hiring.” Few people realize that the Federal government had a lot to do with the financial collapse on Wall Street. Deregulation? No. That is not the entire story. The real story is that the federal bureaucrats (back in the 90s) thought that affordable housing was the panacea for lots of social ills. It was pushed in such a big way that everybody bought into the myth and soon, like lemmings, even people who should have known better were in favor of putting people who could not afford homes into homes they could not afford. That created a housing bubble of historic proportions which eventually led to abuses on an unprecedented scale. The financial mess was created by no more than five or six people - all of them somewhat delusional - and everyone who just went along. People are afraid to tell their bosses that they are wrong.
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