Millions of Americans were duped by the federal government and the Federal Reserve into buying homes they could not afford and failed to count the cost. When the financial crisis of 2008 hit, they could not keep up the monthly mortgage payments and defaulted. (Mark Skousen)

Millions of Americans were duped by the federal government and the Federal Reserve into buying homes they could not afford and failed to count the cost. When the financial crisis of 2008 hit, they could not keep up the monthly mortgage payments and defaulted.

Mark Skousen

Related topics

buying cost count crisis federal government hit monthly mortgage reserve homes

Related quotes

It is amazing that people who think we cannot afford to pay for doctors, hospitals, and medication somehow think that we can afford to pay for doctors, hospitals, medication and a government bureaucracy to administer it.
Thomas Sowell
If you thought financial crises came and went, just count on them - another economic collapse, it's almost going to be like not news any more. But for startups this is great, because it's a perpetual driver of disruption.
Steve Jurvetson
From the takeover of Detroit and the failed stimulus packages to the enactment of Obamacare, the president and congressional Democrats chose to use Americas economic crisis as an excuse to expand government rather than as an opportunity to responsibly shrink it.
Jeb Hensarling
Let us not forget, the financial crisis had its roots in the decision by Congress to embark on a course of social justice to get everyone that wanted a home into one, regardless of whether or not they could afford it.
Ed Royce
President Obama inherited a broken country mired in two wars, a financial crisis, a mortgage mess and more than we all probably even know about and has in my opinion brought us back from the brink. But I still see my friends in no better shape and the gap widening.
Don Cheadle