“The federal government has no fewer than 160 housing programs in all; each of them contributed in some measure to blowing up the bubble.”
“Official government propaganda touted home ownership as the American dream. No one paid attention to studies showing that countries and regions with the highest home ownership also had the highest unemployment rate. Why? Because home ownership makes it difficult for workers to move to where the jobs are, especially to where the best jobs for their particular skills are.48 This was finally noticed after the housing crash.”
Excerpt From: Lewis, Hunter. “Crony Capitalism In America.” AC2 Books. iBooks.
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An interesting connection. We sacrificed mobility to home ownership and thus retarded our ability to shift resources to exit the recession.