Cuomo is basically being rounded up to reduce the vote for some other Democratic candidate. He’s a lousy speaker and just a front-guy for Wall Street wannabe players.
Indeed. The crash occurred a month later as I recall.
Career politicians like this POS are the root of all evil. Divisive and self-serving.
A significant factor from the consumer side that I have never seen acknowledged is the change in the 1997 tax law. Before that, you had to be above a certain age before you could sell a property that had gained value and take a $125,000 deduction from your capital gain. The new law enables anyone to live in a property 2 out of 5 years before selling it and take $250,000 off the capital gain if single, and $500,000 if married.
A significant number of entrepreneurial folk including quite a lot of Hispanics took advantage of this new tax break. I noticed the phenomenon around 2000, and urged my 2 sons to look for a good deal to buy before the prices exploded out of their reach. I borrowed from my equity line of credit, and gave each of them enough for a downpayment and some closing costs and they each bought in 2001.
That sudden consumer demand for 2nd homes which could be bought, lived in for two years, fixed up and sold is one important factor in the bubble. This stimulated the rapid inflation of value that made it seem to even the professionals that a house could not loose value, no matter how loosely applied the credit standards.
“Perhaps the only domestic issue George Bush and Bill Clinton were in complete agreement about was maximizing home ownership, each trying to lay claim to a record percentage of homeowners, and both describing their efforts as a boon to blacks and Hispanics.”
I hope this doesn’t come across as racist, but the state of our politics is very sad. The protected voter bloc classes - blacks and hispanics - always get a pass. They can deal drugs, murder, get welfare for life, buy homes they can’t afford - and no one in government thinks twice about continuing to give them perverse incentives that destroy their lives. It’ll be the same with gun controls when it comes to enforcement - white people will have to abide, the voter blocs will get a pass.
Cuomo and Bill Clinton are the two biggest architects of the financial disaster of 2007. Add Janet Reno to the mix, and you have a triumvirate of evil. Read Paul Sperry’s “The Great American Bank Robbery” for the details of how these three geniuses of doom created and organized the financial debacle. Which underscores the old saying: the road to hell is paved with good intentions.