Busted: Bankers and The Global Economy

May 13, 2008

Housing Crisis Over?

If the Wall Street Journal says it, it must be true! The brilliant economist and author Cyril Moulle-Berteaux declares that “most people forget that the current housing bust is nearly three years old.” He bases the supposition on evaluation of latest trends.

He’s right that affordability ultimately created the mortgage bust. How high can real estate prices go while undergoing the intense misuse and abuse of the banking community? Affordability was created by “false affordability” through unsound practices. You cannot finance the world in a never-ending upward spiral.

The doctor of Wall Street declared that “the boom made housing unaffordable for many American families, especially first-time home buyers.” The fact is that abusive and overextended lending practices lead to (more…)

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