Diving deep into the true causes of the Great Recession, the financial crisis of the 2010s, renowned economists, investo | dG1fSWJ5TXRWazg5bzg
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00:00Take a greater risk on these mortgages? Yes. To give families mortgages who they
00:06would not have given otherwise? Yes. It means we use the mighty muscle of the
00:10federal government in combination with state and local governments to
00:13encourage owning your own home. That's what that means. I ask all of you just
00:17one more time to look at that chart and I wish I had a lot of butter shot to
00:23show you that would reinforce that. You can't buy a house before you have a job.
00:27You get a job, you save for a down payment, then you buy the house. A lot of people are going to find out, oh my god, not only are my stocks down, my house is down too. And now what do I do?
00:38Jim Rogers knew these bubbles were going to burst, but I didn't. Neither did
00:43filmmaker Jimmy Morrison, who started a house painting business less than a month
00:47after home prices peaked. His timing couldn't have been worse, but we don't
00:52have to make those mistakes again. There are people out there who called it and
00:55next time maybe we can too. We've got a growing economy, jobs, incomes. We've got
01:03very low mortgage rates. Housing is going to be a disaster in the next five years.
01:06You sell housing stocks and you sell Ben Bernanke. One myth that's out there is
01:12that what we're doing is printing money. We're not printing money. These days they
01:16don't need a printing press, all they do is a computer keyboard. So we're not a
01:20free market now. There is an invisible, there's a benevolent hand that touches us.
01:26Absolutely. These people in the government apparently don't learn
01:30anything at all. They broke it and they're trying to fix it by doing more
01:34of what broke it in the first place. The United States can pay any debt it has
01:40because we can always print money to do that. Uh, what? Of course it could happen
01:45again and it's happened before. Raw materials were allocated between a
01:50essential and non-essential business. I hope they don't lose confidence in their
01:54government. I can see why their skepticism, but it's the only government we got.