i worked at ameriquest mortgage under roland arnal in southern ca and i worked at countrywide and broker shops i know that appraisers would not get hired if they did not get the value that they were asked to get and i know that loan officers sold the dream of cashing out all your equity in a refi to pay for your kids college, buy cars, buy another property and etc. thomas is not qualified to speak about housing without mentioning these facts all of you are duped
bush asking to get homeowners into homes with no down payment is not the problem its when bush and clinton tell the mortgage industry to start subprime lending they had every tool to do it correctly but they turned right around and screwed everybody with 5 year fixed loans that adjusted to almost 7 8 9% at times and then they over valued appraisals on all the properties by so many thousands of dollars and came right back and talked everyone into refinancing their home 2 or 3 times then we lost.
Interviewer: "...okay...George W. Bush...Alan Greenspan or Barney Frank...of those three, who is the worst actor?"
Thomas Sowell: "Oh Barney Frank easily."
Good-God I almost fell out of my chair with laughter at that Johnny-on-the-spot answer! You never hear the un-apologetic truth from the media in this country, but you can always count on brother Sowell to give you the facts right between the eyes! lol Thomas Sowell for President!!! =D
I'm 36. As a hispanic pro-capitalist, republican, pro-free trade, conservative, I am literally alone in my hispanic community. I don't preach anything. I keep my thoughts to my self. I understand that liberalism ideology is easier to devour. However, I can't begin to tell you how many (if not all) hispanics (when on topic) speak on philosophies that correspond to conservatism. I wish there were millions of Marco Rubio's in my community. Sucks that it's so much easier to think like a socialist.
How incredibly disingenuous. A democrat suddenly promotes the same deregulation that conservatives have been harping about for decades, and the resulting economic crash becomes the democrat's fault? Shameless, really.
@Phi1618033 You misunderstand. It is not deregulation it is over regulation that caused these banks to fail. Forcing equality onto a free people can never have good results.
thomas sowell ia a national treasure; a truly brilliant man. my local newspaper used to carry editorials by mr sowell, until it's editorial page morphed into such a liberal piece of crap i quit reading the paper altogether.
Thank goodness I discovered Thomas Sowell. I recommend that everyone read his trilogy Race and Culture, Migrations and Culture, and Conquests and Culture. These books examine how all these issues have played out all over the world for thousands of years, and what the implications are for U.S. policy. REQUIRED READING, PEOPLE!
@killer3596 No. The Baby Boomers didnt create a Baby Bust. You can create a boom without creating a bust. Its called a BUBBLE when there is a forthcoming bust. A boom is prolonged.
@pamnewt64 STFU he is just a man,, no better than anyone else,, he might be right on many issues,, but so are many others,, and to say something like that is really creepy and you are weird
The CRA forced banks to make bad loans. Banks were sued by ACORN led by Obama and with Clinton's exec orders J. Reno sued banks, Barney Frank, Clinton enacted the FHEFSS Act 1992 empowered ACORN over CRA ratings AND funded Fan and Fred to buy up the bad debt. Clinton created HUD dept to police CW. Everybody could get a loan, homeowners defaulted, and the market collapsed ..
The CRA forced banks to make bad loans. Banks were sued by ACORN led by Obama and with Clinton's exec orders J. Reno sued banks, Barney Frank, Clinton enacted the FHEFSS Act 1992 empowered ACORN over CRA ratings AND funded Fan and Fred to buy up the bad debt. Clinton created HUD dept to police CW. Everybody could get a loan, homeowners defaulted, and the market collapsed ...
@deficithawker So please enlighten me on why lenders made it such a practice to provide home loans to high risk applicants, driving more people into the market and the prices up. I'd love to hear it.
He would have ended up as a shucking and jiving coon for Wall Street. Some how you idiots think that the people who run your country (and others) are just as dumb as you. He is a big fish in a tiny bowl. His ideology sounds good on the surface for the Conservative and Libertarian followers. But, the deeper he goes you will see that ExxonMobil, Goldman Sachs and the Koch Bros would not exactly approve of his financial philosophy either.
@drbayoms And your point is what? That upon getting to Washington, he would have immediately become a corporatist? No, unlike Obama, Sowell actually believes in something.
@drbayoms are you insane? Shuckling and jiving for Wall Street, Sowell is criticizing the underlying system which provides the environment for Wall Street to behave recklessly.
Barney Frank, my esteemed congressman, his flaws masked by a district drawn up just for him. His push for "affordable housing" has likely ruined thousands, if not millions, of lives, yet he still holds his office.
It's amazing to me that people (especially in an educated district like MA-4) neglect the facts, and refuse to vote in the well intentioned, instead electing the game player.
This is bullshit conspiracy. Quit listening to these lies. Do the research for yourself. HALF OF ALL FORECLOSED HOMES ARE DUE TO MEDICAL COST!!! The chemicals that are in our foods and water have poisoned Americans. Cancer is skyrocketing! 1 in 115 boys now have Autism! They're putting chemicals in our foods. Aspartame has given lab rats brain seizures! THESE PEOPLE CAN'T AFFORD THEIR HOMES BECAUSE THEY ARE SICK NOT BECAUSE THEY ARE POOR PEOPLE TRYING TO GET A DEAL!!! Thumbs down!
@mrbeaker55 why don't you research it and you find out it true. And actually the current study now that has been released is 1 out of less than 60 boys born now have autism. Google this, "Half of all foreclosed homes are due to medical cost" you will be amazed what you find. You calling me an idiot proves nothing. Do the research you find out it true. Google this, "Uranium found in water in Houston" the government is trying to destroy America by destroying the foundation of its citizens.
@mrbeaker55 your an idiot because you try to make somebody's point incorrect by not going after the statements I made but going after the person who made the statements. Criticizing somebody shows how low level you are and how lack critical thinking skills and research skills. Quit listening to what the mainstream media tells you and do your own research.
@jrhd00d84 Yelling "HALF OF ALL FORECLOSED HOMES ARE DUE TO MEDICAL COST!!!" does not make the statement correct, and is childish. Now please provide a link to this study, because I have seen a few claiming such things are from "medical costs" that are bogus. For example, they were calling gambling a "medical cost" that caused the problem. They widened the definition of "medical cost" so they would have a scary sounding statistic to use to pass the Heath Care Bill.
@nyykrmv half of foreclosded homes due to medical cost. I won't provide a link but I will give you website names that all agree: allnurses, the wonk room, Freedomworks, Comedy Central, Physicians for a national health program, Harvard University, CT Health, Huffington Post. Why don't you go to google and type in half of foreclosed homes due to medical cost and see what you come up with. You calling me a childish does not make you correct.
@nyykrmv no your an idiot that doesn't know how to open up Google and do the research yourself. You are unbelievable. I bet you think that 9/11 was done by Al Qaeda, I bet you think Oswald acted alone in the JFK assassination, I bet you think that lowering taxes actually creates jobs, I bet you vote Republican because you think they are more conservative. I bet you actually believe that shit. I bet you have an American flag flying in front of your house that was made in China.
@jrhd00d84 So your response is to use an ad hominem attack (which is a logical fallacy) to ignore anything that goes against your predetermined worldview. Attack the messenger when you can't argue the facts. Got it.
@jrhd00d84 It's not about belief, the premise that it's belief is a very dangerous premise to have. Look at empirical evidence, like the link he provided, like history, like proven economics (Dr. Sowell has some quality literature on this matter). Lowering taxes does produce more jobs, in the same way that higher taxes produces less, hence all those chinese american flags. ( though the one in my room is made in America).
Also lower taxes leads to more tax revenue for the gov! Crazy I know.
@cooldude12w if lowering taxes produces jobs than how come after George W. Bush lowered taxes jobs were not created. In fact more jobs have been lost under George W. Bush's tax code than any other time in America. In fact today, we are under George W. Bush tax code. And if raising taxes lowers jobs than how come in 1949 unemployment was 6.6% and taxes were raised both in 1950 and 1951 and by 1952 unemployment was at 2.9%. Why is that Mr. economics?
@toddclemmer Delusional: an idiosyncratic belief or impression that is firmly maintained despite being contradicted by what is generally accepted as reality or rational argument. Considering that the masses are idiots I will gladly accept being delusional since I don't believe what is generally accepted as fact by the idiot mainstream. I actually do research. You, you just try to criticize and come up with conclusions. You think by calling someone names you discredit them. Sorry.
@jrhd00d84 Hey sorry I haven't replied quicker i never check inbox, basically there are more ways to tax someone than merely raising or lowering rates. You have to look at it from a broader regulatory level (which shifts industry costs), what the tax code actually is (what exemptions exist, taxes on capital gains, what the interest rates on different state and federal bonds are at the time etc..) GWB and the Congress added record levels of pages to the federal registry over the last 10 yrs.
@jrhd00d84 Al Queda said they did it. Oswald is a more logical suspect than Kennedy's benefactors--the CIA, or Castro--or his buddies in the mafia. Rendering employers destitute is less likely to create jobs then expanded markets and business. The Democrats' despotism is less conservative than the Constitution espoused by the Republicans. In exchange for financing Democrats in the nineties, China received nuclear delivery technology and top secret security clearance. Just trying to help.
@383jpark have you ever heard Al Qaeda say they did it? Google Al Qaeda member has lunch at pentagon Fox News. Anwar Al-Awlaki had lunch at the Pentagon after 9/11. Al-Awlaki has connections with the Ford Hood Shooter, the shoe bomber, the london bombing, and the underwear bomb. Now ask yourself this: Why would this guy be having lunch at the pentagon if the government was not involved? If the government actually wanted to fix the problems of this country it would.
I think one of the big problems with housing nowadays is everyone wants a huge house. 4-5 bedrooms, 2-3 baths. Even if they don't have kids. But even if thats not the case unfortunately its the only houses people build nowadays. I think a whole lot more people would be able to afford a house if some were built smaller. Its probbaly just a failure of the market due to government intervention, people built big houses, cause people were able to get mortgages for them.
Wake up Massachusetts! Vote Barney Frank out!!!! He is a scumbag if there ever was one. Damn you people must be seriously gullible and stupid to fall for this slimy weasel.
Home ownership is overrated and is more of a brainwashing campaign to make people think they are living below human existence if they don't own private property. Commodity fetishism if you ask me...
@CartoonDiablo5 as i understand it, fannie and freddy acted as sort of a safety net for private banks. in other words, private institutions didn't have to worry about approving risky loans because they knew fannie and freddy would buy them up if people defaulted on them. once you remove that risk, it makes no sense for them not to approve subprime loans. however, if fannie and freddy didn't get involved then private banks would have less incentive to offer these high risk loans.
To an extent, but Fannie and Freddie's share of secured subprime (risky) loans was very minimal compared with the private lenders (and decreased as the bubble got larger)
The problem was that subprime lending was even happening at all due to low interest rates and lax standards. So for instance, between 96 and 04 subprime loans were 6% of all home loans, between 04 and 06 they were 21%.
Also things like Glass-Steagall were removed which could of helped with the crisis.
@CartoonDiablo5 glass-steagall had little if anything to do with the financial crisis. those touting it was responsible or that it could have helped matters need to explain themselves better. it's easy to point a piece of legislation and say, "aha! that's the cause." it's a completely different to actually explain how it had anything to do with the crisis. this was all about the government making loans more accessible to people who, quite frankly, couldn't afford to pay them back.
I never said Glass-Steagall was the cause only that it could of helped because it meant banks didn't necessarily act as insurers to these bad loans.
The "government making loans accessible" has nothing to do with interest rates that exploded home prices and then deflated them once the interest rates became normal again.
Banks gave out bad loans because people could afford to flip their house since home prices were exploding. It's not as simple as "people bad with their money"
@CartoonDiablo5 it has everything to do with people being bad with their money. i don't necessarily mean poor people. i'm talking about people who also got into the house flipping market, hoping to make a quick buck. these people over-leveraged themselves by taking on too many mortgages at once, something the banks were more than happy to approve because they were more or less insured if people walked away from their loans. (cont.)
@cristoballs yes, low interest rates played a role in this, but it wasn't the major cause. the fact is, banks are less likely to lend money, if they don't think there's a good chance they will get paid back. when you eliminate the risk that they won't get paid back, it makes it a lot easier for them to approve a loan.
@cristoballs put yourself in the position of a loan officer. if someone wants to borrow large amounts of money from a bank to purchase multiple properties, even if they have decent credit, but not enough money to make the combined monthly mortgage payments, would you lend that much money if those loans weren't insured?
Well everything you said is more or else true except for the idea that the loans were insured.
That's the thing, by 2006 only 24% of the home loans were insured and banks very well knew. The reason why banks would keep lending (and lend riskily) is because they were short sighted and were making big money from flipping.
If a bank didn't make risky loans it meant another bank would and gain the profit. No one other then the minority of Fannie and Freddie investors were secure.
@CartoonDiablo5 let's assume what you're saying is true, and that there's not information to the statistic you cited. do you really think we would anywhere close to the mess we found ourselves in with this credit crisis?
If you mean "could we of gotten into this crisis without fannie and freddie?" well yes.
Banks really cared less about whether their loans were secured, the debt to asset ratio was around 30 to 1 and Fannie and Freddie took up less of the subprime market because they were given stricter regulations.
As cliche as it sounds, the problem was lack of regulation and low interest rates that ballooned home prices.
@CartoonDiablo5 What planet are you on?! There is no way this mess would have happened without Fannie and Freddie. You are on crack. First off, regardless of what percentage of subprime loans were originated by the GSEs, Fannie bought a substantial number of them on the secondary market and they became mortgage-backed securities. Without a place to sell their crap loans, private lenders wouldn't have made those crummy deals. Without a practical guarantee from the US government....
@CartoonDiablo5 (cont) foreign and domestic investors would not have bought mortgage backed securities from a company run as poorly as the GSEs. Therefore there would have been no market incentive for companies to offer such high-risk loans. Government regulation IS EXACTLY THE PROBLEM. Clinton pressured GSEs to relax the lending requirements to get poor people in houses. Republicans passed anti-predatory lending in 2000 to address the problem, but it was insufficient, and abandoned in 2004
@CartoonDiablo5 ironically, you say the problem was lack of regulation and low interest rates. Government intervention is what caused the artificially low interest rates, thanks to Clinton, Barney Frank and Chris Dodd. Bush obviously wasn't without blame either, since he put pressure on to ease lending standards as well, but clearly the market would have regulated itself MUCH better than the interventionist politicians who repeatedly try to cheat sound economic principles.
First off, the rest of the 75% or so bad loans weren't by Fannie and Freddie. Care to explain why private lenders would hold on to bad loans that weren't government guaranteed?
Or better yet, why would the percent of Fannie and Freddie loans DECREASE as the bubble increased?
Secondly, regulations had nothing to do with low interest rates, Greenspan put in low fed rates to counter the 90s tech bubble.
@CartoonDiablo5 The Fed, although not technically a part of the government is a centralized power that artificially regulates the prime rate. Greenspan should've let the rates remain where they were to clear the field of bad investors. Instead he worked in collusion with the government to create a bubble so neither Greenspan or the government would have a necessary recession on their watch.Obama and Bernanke are doing the same thing with the dollar that Greenspan and congress did with housing.
Lastly, regulations would of prevented this crisis from happening.
We used to have Glass-Steagal which separated investment banks from commercial banks but since it was gutted all banks became investment banks and all risked everyone else's money.
Even if the low interest rate bubble happened, commercial banks would of been smart and the investment banks would of failed.
So why do you allow them to risk your money, why do you lend to them, for those pathetic interest rates? Maybe because the violent politicians removed money that was worth holding on to, e.g. the Gold Standard, to allow banks to increase the money supply without an automatic inhibitor of depositors withdrawing their specie. This inflation i.e. expansion of the money supply allowed entrepreneurs to gain funds free of agio, even if no-one had saved, thereby impelling unsustainable housing invstmnt
anyone else see that add next to the video: oil spill-blame obama? vote here now!
lol that's a more desperate attempt to make angry liberals click their link than "thumbs up if you agree" is a desperate attempt to boost a loser's self esteem! XD
@terminator007007 c.d. should have a hot poker shoved up his ass. wouldve said the same of frank, but i think he already has, and loved every minute of it.
@TeslaThoughtOfThis Thomas Sowell has way too much integrity to seek that office. I'm amazed people still think the US presidency has some relevance anymore.
Good video. I generally accept his theory's how the housing bubble started going. But the one thing he never talks about is how monetary policy played a large part in all of this.
I always wonder why monetarists are so afraid to talk about the money supply and other instruments of monetary policy.
History will regard Dr Sowell, Dr Walter Williams, and others like them, as courageous heroes of this very unfortunate time. Unfortunately, we apparently have more ignorant than informed voters.
to those who say that to oppose and fear obama/soetero is racist, let this southern white boy tell you that i would vote for thomas sowell for President without reservation.
brilliant man, who doesn't need closet communists and terrorists to shield him, doesn't need to hide his birth certificate, and doesn't require a bevvy of czars to be effective.
Why dont we value good, smart and exceptional people like this in our Political Landscape these days. I think I know why. See if you agree.
Its because the Tail has been wagging the Dog for so long that it has gotten even Cultural and Popular elites to follow down a path to nowhere. In other words, it has become cool to give people stuff! We want Politicians to go up there and not tell us the hard facts but instead tell us how much stuff and Rights they can give us. Its a bad cycle we're in
Wow! One name is most obvious missing. BILL CLINTON started the decline in the housing market. He made it happen first! He forced banks to let first time home buyers, poor people with little means to buy their own house. This later led to waves of defaults by people who never should have bought a home in the first place. Wake up people. Bill was responsible for a lot of the bad we see today. He flooded our nation with illegals so he could get elected and the list goes on...Bill=worst president!
The commodification of human health is fundamentally a good thing in that allows stakeholders to extract value from policy holders in exchange for truncated service
A genius in our midst! Beautiful, concise and even-keeled. Where has this man been? Why isn't he on lamestream t.v.? Oh, we already established that in the first two sentences. x-/
My, wasn't that articulate? NB69, I'm as white and legitimately conservative as you could possibly ask for, but that doesn't mean that I have any patience for "compassionate conservatives" like GWB.
I'd vote for Sowell in a heartbeat and I greatly miss Ronald Reagan. Especially in his first term, RR was tops in my book.
Bush 43 was a gutless wonder who never learned that trying to make your enemies like you is an utter waste of time. Enemies are to be defeated and driven from the political field, not coddled.
I am African American I did not vote for President Obama. I did not known of Mr Sowell before seeing this youtube up load. Thank you now it is time to buy his books.
Same here! Except I'm not black, but Arabic. I need to buy his books as soon as possible! This guy has a mind so beautiful and clear, it's a SHAME and a SHOCK he isn't publicized more! But I guess logical thought and expression is an enemy to politicians and mass media...
@shophar You ain't seen NOTHIN' YET! Check out "Basic Economics" by Dr. Sowell. If you think Economics is beyond you, withhold judgement until you read that book. It has no equations or charts in it --just explanations of important concepts. Also check out "Black Rednecks and White Liberals" for the fascinating true history of our country and where we all came from.
@shophar That's awesome! Don't forget to look into Milton Friedman, Sowell's professor while at U. of Chicago. What's interesting is that Sowell was a Marxist while at the university then changed his views after working for the government; now a champion of freedom and free markets. He dispels many myths.
@gneissday I didn't know any of that! I knew Milton Friedman and I knew Thomas Sowell, but had no idea that they could be related more than two exceptional economists. It's mind baffling to think that this man once championed marxism- and he's a bright guy; it'd be hard to convince him and Friedman did it. That's an incredible story..
@shophar Thank God you did see this video. If you read Sowell's books you are in for a treat, if not a lifechanging experience! This white dude would like to force Tom Sowell to be president! A wise man indeed.
Thomas Sowell address "8 Rental" aka Rent Control in great detail. Government does not have any money. It prints, taxes, and borrows. Do a little research on the FED involvement in the housing crisis.
European & American state aid is interlocked into the International Bank of Settlements, which is tied to World Bank, which is tied into the IMF, which is like all things: Tied into Goldman Sachs!
AIG is run by Edley of Goldman Sachs!
All roads lead to: Goldman Sachs!
Why don't sheeple want to be independent of Goldman Sachs & JP Morgan?
Instead their lives are dictated to by a bunch of arbitrage wielding sycophants & sociopathic criminals who profit by destroying the system!
The FED & Treasury are the purveyors of US T Bonds. But for many years, big banks like JP Morgan & Goldman Sachs have sold T Bonds that they had no authority to sell; which is essentially counterfeiting those bonds: Selling short Bonds that dont even exist
The FCC had all records on criminals like Paulson, Geithner, Ruben, Summers & others engaging in that illegal activity. But all the records of those illegal trades were destroyed when WTC 7 was brought down by thermite on 9/11!
Currently, the world is forming ad-hoc currency baskets for trade in order to get away from the contamination, which is the US dollar, (google: Shanghai Organizational Coop); & setting up for a new World Order Currency
Meanwhile, the USA has Stockholm Syndrome, where the terrorized population through Obama actually supports their terrorist: Last week Obama is actually giving more power to their captors, the Federal Reserve Bank, rather than prosecuting them
This failed economic system should have been allowed to collapse. Now we are living on just more lies to ourselves, and borrowed time that humanity cannot afford, any way you define it. There are facets of the populace that are wising up, and attempting to change the entire nature of the game, but the resistance is predictably immense. People might begin to listen to "the crazy ones" when there is no food in their bellies, not likely before. By then it could be too late to save any of us.
the whole point of Bush's "Ownership Society" was funneling a truckload of mortgage securities to Wall Street, which THEY could claim as assets and collateral for more LEVERAGED investment.
The subprime housing bust was tiny compared to Credit Default Swaps and other derivatives.
Look who's making out. Goldman Sachs and other Wall Street made a killing inflating mortgages, then short selling pushed harder for a bigger collapse.
this was an interesting comment stream , I did see where you became frustrated at on point , I t was puzzling ,but not surorising that sugarpuddin 88 s comments were thumbed down . I rather thought his analyses the best explanation of the genesis of the meltdown that we are in" yes including the reference to bldg.7w.t.c.." Fora tv which is old school liberal is like a deer in the headlights with the new paradigm developing in u.s. politics . The left right ,divide and conquer template is dying
European & American state aid is interlocked into the International Bank of Settlements, which is tied to World Bank, which is tied into the IMF, which is like all things: Tied into Goldman Sachs!
AIG is run by Edley of Goldman Sachs!
All roads lead to: Goldman Sachs!
Why don't sheeple want to be independent of Goldman Sachs & JP Morgan?
Instead their lives are dictated to by a bunch of arbitrage wielding sycophants & sociopathic criminals who profit by destroying the system!
The FED & Treasury are the purveyors of US T Bonds. But for many years, big banks like JP Morgan & Goldman Sachs have sold T Bonds that they had no authority to sell; which is essentially counterfeiting those bonds: Selling short Bonds that dont even exist
The FCC had all records on criminals like Paulson, Geithner, Ruben, Summers & others engaging in that illegal activity. But all the records of those illegal trades were destroyed when WTC 7 was brought down by thermite on 9/11!
Why would a conservative blame Barney Frank as the most egregious actor in the housing market collapse? I can't imagine partisanship has anything to do with it. I mean, ignore the MBS'. Ignore the freedom of lenders to give themselves AAA ratings.
Currently, the world is forming ad-hoc currency baskets for trade in order to get away from the contamination, which is the US dollar, (google: Shanghai Organizational Coop); & setting up for a new World Order Currency
Meanwhile, the USA has Stockholm Syndrome, where the terrorized population through Obama actually supports their terrorist: Last week Obama is actually giving more power to their captors, the Federal Reserve Bank, rather than prosecuting them
I never discounted Barney Frank's role in the crisis. I'm simply claiming that Sowell's "Oh, Barney Frank carries most of the blame" is not honest. Pointing fingers at the other guy is never a good way to a solution, even if it feels good. Am I a partisan? Probably, but I can still call bullshit when I see bullshit.
I'm sure he is saying, because he's a partisan who believes that govt intervention in the market is bad, therefore he lays the blame at the feet of govt intervention. Never mind that everyone else without a partisan agenda says the bankers' freedom from govt intervention, which allowed them to speculate wildly, was the prime culprit. And yes, the Macs played their part. But lets not pretend that the market didn't, too, Sowell's pre-decided "truth" be damned.
If he is partisan why is he throwing rocks at republicans?
Are you saying that freedom is to blame?...is the solution then servitude?
The market was distorted through the CRA, the Macs, implied loan guarantees made good, and the Feds low interest rate policy. That people capitalized on the distortions set by government should be expected indeed it was encouraged by government.
The national and world economies are both immensely complicated and neither you nor I can honestly say how much one factor affected it over another. I'm saying Sowell, as smart as he is, is human and he doesn't know either. In some way, "freedom" is to blame, in that banks were free to speculate beyond their means and turn mortgages into MBS. But the opposite of that "freedom" isn't servitude any more than laws against rape are "servitude". C'mon, Hayek aside, hyperbole is no argument.
Paulson, former CEO of Goldman Sachs & Treasury Sec under Bush, "I never saw the banking industry so strong", is involved in Bear Stearns, Lehman Brothers, Geithner & Robert Rubens (also of Goldman Sachs & who was paid 150 million to run Citigroup into the ground) & the privately owned FED Res Bank & other banking oligarchs.
These oligarchs torpedoed pensions to create the new peasant class of indentured servants without medical, retirement or savings, (the FED tripling money supply in 6 mos)
I don't think they are our friends. I think they use the partisan divide in our country to misdirect our anger, which allows them to keep playing the lobbyist game. A good example of that is Thomas Sowell saying Frank deserves most of the blame. Another one is conservatives suddenly caring about massive spending because a Democrat does it. Still a third is Democrats not thinking critically about Obama's plan because he's on "our" side.
are you serious?? you don't think Frank bears responsibilty for the crisis. sure there are a lot of people to blame, but idiots like you and the leftist media give him a free pass. that's plain wrong.
man you need to do some research before you post. you come off like a complete idiot.
btw, Bush and Greenspan also deserve a lot of blame. the housing cisis will financial scar our country for generations.
Fuck!!! Fuck!!! Fuck!!! What the hell is wrong with you!! Did you even read my post? Yes, Frank had a "role" in the crisis, but no, he doesn't "bear responsibility" for the crisis. That is stupid. Bankers, politicians, lobbyists, the greed is good culture, debt culture, and the American public "bear responsibility" for the crisis. Blaming someone just because they play for the other team is ridiculous. Lornloxor puts it best.
Right! The blame game is just more dog wagging. Most of these "who gets to be the scapegoat" arguments are entirely moot. We can each turn that waggling finger right around and point it at ourselves. A global economy based on runaway consumerism/overpopulation is a fallacy fit for lemmings. We have only begun to notice signs of a cliff. But do we stop and think about it? No, because of the momentum. We had better put some serious energy into changing the way humans think about our species.
i worked at ameriquest mortgage under roland arnal in southern ca and i worked at countrywide and broker shops i know that appraisers would not get hired if they did not get the value that they were asked to get and i know that loan officers sold the dream of cashing out all your equity in a refi to pay for your kids college, buy cars, buy another property and etc. thomas is not qualified to speak about housing without mentioning these facts all of you are duped
hapz3000 4 days ago
bush asking to get homeowners into homes with no down payment is not the problem its when bush and clinton tell the mortgage industry to start subprime lending they had every tool to do it correctly but they turned right around and screwed everybody with 5 year fixed loans that adjusted to almost 7 8 9% at times and then they over valued appraisals on all the properties by so many thousands of dollars and came right back and talked everyone into refinancing their home 2 or 3 times then we lost.
hapz3000 4 days ago
Interviewer: "...okay...George W. Bush...Alan Greenspan or Barney Frank...of those three, who is the worst actor?"
Thomas Sowell: "Oh Barney Frank easily."
Good-God I almost fell out of my chair with laughter at that Johnny-on-the-spot answer! You never hear the un-apologetic truth from the media in this country, but you can always count on brother Sowell to give you the facts right between the eyes! lol Thomas Sowell for President!!! =D
MrSchultzstaffel 1 week ago
I'm 36. As a hispanic pro-capitalist, republican, pro-free trade, conservative, I am literally alone in my hispanic community. I don't preach anything. I keep my thoughts to my self. I understand that liberalism ideology is easier to devour. However, I can't begin to tell you how many (if not all) hispanics (when on topic) speak on philosophies that correspond to conservatism. I wish there were millions of Marco Rubio's in my community. Sucks that it's so much easier to think like a socialist.
buddacafe 3 weeks ago 3
How incredibly disingenuous. A democrat suddenly promotes the same deregulation that conservatives have been harping about for decades, and the resulting economic crash becomes the democrat's fault? Shameless, really.
Phi1618033 1 month ago
@Phi1618033 You misunderstand. It is not deregulation it is over regulation that caused these banks to fail. Forcing equality onto a free people can never have good results.
Tacotruck1166 1 week ago
thomas sowell ia a national treasure; a truly brilliant man. my local newspaper used to carry editorials by mr sowell, until it's editorial page morphed into such a liberal piece of crap i quit reading the paper altogether.
rte66byhd 1 month ago
And Barney Frank is the worst kind of criminal.
frankcharles511 3 months ago
So Barney Frank wanted to "roll the dice" with trillions of taxpayer's dollars, but he's still in office? America gets the leadership it deserves.
pretorious700 4 months ago
Gotta love the 1st rule of politics!
Salvysahagun 5 months ago
LIBERTARIANMONARCHY . COM
ecnerwal999 5 months ago
Thank goodness I discovered Thomas Sowell. I recommend that everyone read his trilogy Race and Culture, Migrations and Culture, and Conquests and Culture. These books examine how all these issues have played out all over the world for thousands of years, and what the implications are for U.S. policy. REQUIRED READING, PEOPLE!
MrPcmaurer 6 months ago
Thomas Sowell is so cool.
atheistasylum 7 months ago 3
If you were to somehow create a boom would you be inescapably also creating a bust?
killer3596 7 months ago
@killer3596 No. The Baby Boomers didnt create a Baby Bust. You can create a boom without creating a bust. Its called a BUBBLE when there is a forthcoming bust. A boom is prolonged.
MuslimPigFuckers 6 months ago
"Most disasters are politically understandable" LOVE IT!!!
m3RacerBitch 7 months ago 16
and that person closed their accound, well I feel silly.
cooldude12w 8 months ago
This man is a prince among men. What a blessing to have the opportunity to hear him speak.
pamnewt64 9 months ago 29
@pamnewt64 STFU he is just a man,, no better than anyone else,, he might be right on many issues,, but so are many others,, and to say something like that is really creepy and you are weird
ikambor 3 months ago
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The CRA forced banks to make bad loans. Banks were sued by ACORN led by Obama and with Clinton's exec orders J. Reno sued banks, Barney Frank, Clinton enacted the FHEFSS Act 1992 empowered ACORN over CRA ratings AND funded Fan and Fred to buy up the bad debt. Clinton created HUD dept to police CW. Everybody could get a loan, homeowners defaulted, and the market collapsed ..
LizChecksFirst 9 months ago
The CRA forced banks to make bad loans. Banks were sued by ACORN led by Obama and with Clinton's exec orders J. Reno sued banks, Barney Frank, Clinton enacted the FHEFSS Act 1992 empowered ACORN over CRA ratings AND funded Fan and Fred to buy up the bad debt. Clinton created HUD dept to police CW. Everybody could get a loan, homeowners defaulted, and the market collapsed ...
LizChecksFirst 9 months ago
I am in love with Thomas Sowell. Thank you for being a beacon of light in the darkness.
tigerhop 9 months ago 2
@deficithawker You reached a new low...you must be a really small, closed minded bigot to call a great man like Sowell an uncle Tom.
tbwil11 10 months ago 2
@deficithawker So please enlighten me on why lenders made it such a practice to provide home loans to high risk applicants, driving more people into the market and the prices up. I'd love to hear it.
jrsub3 10 months ago
Cain/Sowell in 2012!!!!!!!!
MrSteveParr 10 months ago
he shouldve been the first black president not that kenyan cocksucker
ugotpimp 11 months ago
@ugotpimp
He would have ended up as a shucking and jiving coon for Wall Street. Some how you idiots think that the people who run your country (and others) are just as dumb as you. He is a big fish in a tiny bowl. His ideology sounds good on the surface for the Conservative and Libertarian followers. But, the deeper he goes you will see that ExxonMobil, Goldman Sachs and the Koch Bros would not exactly approve of his financial philosophy either.
drbayoms 9 months ago
@drbayoms And your point is what? That upon getting to Washington, he would have immediately become a corporatist? No, unlike Obama, Sowell actually believes in something.
shamgar001 9 months ago
@drbayoms are you insane? Shuckling and jiving for Wall Street, Sowell is criticizing the underlying system which provides the environment for Wall Street to behave recklessly.
oneshot2g 8 months ago
@drbayoms Why not? Are you suggesting that Sowell is some sort of advocate of a crony capitalism style of socialism? I don't see it.
Proof please.
SuperDachshund 7 months ago
Barney Frank, my esteemed congressman, his flaws masked by a district drawn up just for him. His push for "affordable housing" has likely ruined thousands, if not millions, of lives, yet he still holds his office.
It's amazing to me that people (especially in an educated district like MA-4) neglect the facts, and refuse to vote in the well intentioned, instead electing the game player.
jrsub3 1 year ago 2
This is bullshit conspiracy. Quit listening to these lies. Do the research for yourself. HALF OF ALL FORECLOSED HOMES ARE DUE TO MEDICAL COST!!! The chemicals that are in our foods and water have poisoned Americans. Cancer is skyrocketing! 1 in 115 boys now have Autism! They're putting chemicals in our foods. Aspartame has given lab rats brain seizures! THESE PEOPLE CAN'T AFFORD THEIR HOMES BECAUSE THEY ARE SICK NOT BECAUSE THEY ARE POOR PEOPLE TRYING TO GET A DEAL!!! Thumbs down!
jrhd00d84 1 year ago
@jrhd00d84 - idiot. Sorry to resort to name-calling, but there's no other way to describe your abject ignorance.
mrbeaker55 1 year ago
@mrbeaker55 why don't you research it and you find out it true. And actually the current study now that has been released is 1 out of less than 60 boys born now have autism. Google this, "Half of all foreclosed homes are due to medical cost" you will be amazed what you find. You calling me an idiot proves nothing. Do the research you find out it true. Google this, "Uranium found in water in Houston" the government is trying to destroy America by destroying the foundation of its citizens.
jrhd00d84 1 year ago
@mrbeaker55 your an idiot because you try to make somebody's point incorrect by not going after the statements I made but going after the person who made the statements. Criticizing somebody shows how low level you are and how lack critical thinking skills and research skills. Quit listening to what the mainstream media tells you and do your own research.
jrhd00d84 1 year ago
@jrhd00d84 Yelling "HALF OF ALL FORECLOSED HOMES ARE DUE TO MEDICAL COST!!!" does not make the statement correct, and is childish. Now please provide a link to this study, because I have seen a few claiming such things are from "medical costs" that are bogus. For example, they were calling gambling a "medical cost" that caused the problem. They widened the definition of "medical cost" so they would have a scary sounding statistic to use to pass the Heath Care Bill.
The link please?
nyykrmv 1 year ago
@nyykrmv half of foreclosded homes due to medical cost. I won't provide a link but I will give you website names that all agree: allnurses, the wonk room, Freedomworks, Comedy Central, Physicians for a national health program, Harvard University, CT Health, Huffington Post. Why don't you go to google and type in half of foreclosed homes due to medical cost and see what you come up with. You calling me a childish does not make you correct.
jrhd00d84 1 year ago
@jrhd00d84 So you can't provide proof. Got it. Thank you.
nyykrmv 1 year ago
@nyykrmv no your an idiot that doesn't know how to open up Google and do the research yourself. You are unbelievable. I bet you think that 9/11 was done by Al Qaeda, I bet you think Oswald acted alone in the JFK assassination, I bet you think that lowering taxes actually creates jobs, I bet you vote Republican because you think they are more conservative. I bet you actually believe that shit. I bet you have an American flag flying in front of your house that was made in China.
jrhd00d84 1 year ago
@jrhd00d84 I'm going to show you how to properly debate. You make an assertion and you back it up.
Assertion: Half of bankruptcies stemming from medical costs is a lie, and that Harvard study was liberal propaganda.
Proof: Here's an article from ABC News (hardly a haven for conservatives) thoroughly debunking it.
In the future, try reading sources that may actually contradict your neat little worldview.
nyykrmv 1 year ago
@jrhd00d84 Here's the link:
blogs.abcnews.com/thenumbers/2009/03/medical-bankrup.html
It wouldn't take it before. Read and learn.
nyykrmv 1 year ago
@nyykrmv ABC is garbage. They have lied so many times its unbelievable.
jrhd00d84 1 year ago
@jrhd00d84 So your response is to use an ad hominem attack (which is a logical fallacy) to ignore anything that goes against your predetermined worldview. Attack the messenger when you can't argue the facts. Got it.
Here's a link to help you:
nizkor.org/features/fallacies/ad-hominem.html
nyykrmv 1 year ago
@jrhd00d84 It's not about belief, the premise that it's belief is a very dangerous premise to have. Look at empirical evidence, like the link he provided, like history, like proven economics (Dr. Sowell has some quality literature on this matter). Lowering taxes does produce more jobs, in the same way that higher taxes produces less, hence all those chinese american flags. ( though the one in my room is made in America).
Also lower taxes leads to more tax revenue for the gov! Crazy I know.
cooldude12w 1 year ago
@cooldude12w if lowering taxes produces jobs than how come after George W. Bush lowered taxes jobs were not created. In fact more jobs have been lost under George W. Bush's tax code than any other time in America. In fact today, we are under George W. Bush tax code. And if raising taxes lowers jobs than how come in 1949 unemployment was 6.6% and taxes were raised both in 1950 and 1951 and by 1952 unemployment was at 2.9%. Why is that Mr. economics?
jrhd00d84 1 year ago
@jrhd00d84 good JOB?
mrgetrealpeople 1 year ago
@jrhd00d84
You are delusional. I would be interested where your figures are coming from.
toddclemmer 1 year ago
@toddclemmer Delusional: an idiosyncratic belief or impression that is firmly maintained despite being contradicted by what is generally accepted as reality or rational argument. Considering that the masses are idiots I will gladly accept being delusional since I don't believe what is generally accepted as fact by the idiot mainstream. I actually do research. You, you just try to criticize and come up with conclusions. You think by calling someone names you discredit them. Sorry.
jrhd00d84 1 year ago
@jrhd00d84 Hey sorry I haven't replied quicker i never check inbox, basically there are more ways to tax someone than merely raising or lowering rates. You have to look at it from a broader regulatory level (which shifts industry costs), what the tax code actually is (what exemptions exist, taxes on capital gains, what the interest rates on different state and federal bonds are at the time etc..) GWB and the Congress added record levels of pages to the federal registry over the last 10 yrs.
cooldude12w 8 months ago
@jrhd00d84 Al Queda said they did it. Oswald is a more logical suspect than Kennedy's benefactors--the CIA, or Castro--or his buddies in the mafia. Rendering employers destitute is less likely to create jobs then expanded markets and business. The Democrats' despotism is less conservative than the Constitution espoused by the Republicans. In exchange for financing Democrats in the nineties, China received nuclear delivery technology and top secret security clearance. Just trying to help.
383jpark 1 year ago
@383jpark have you ever heard Al Qaeda say they did it? Google Al Qaeda member has lunch at pentagon Fox News. Anwar Al-Awlaki had lunch at the Pentagon after 9/11. Al-Awlaki has connections with the Ford Hood Shooter, the shoe bomber, the london bombing, and the underwear bomb. Now ask yourself this: Why would this guy be having lunch at the pentagon if the government was not involved? If the government actually wanted to fix the problems of this country it would.
jrhd00d84 1 year ago
@jrhd00d84 "If the government actually wanted to fix the problems of this country it would."
Finally something we can agree on, even if for different reasons.
nyykrmv 1 year ago
Dr. Thomas Sowell, a perfect fusion of intellectual brilliance and old fashioned, open-minded common sense.
shiekastate 1 year ago 2
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Undoubtably, the smartest man alive today,
agmpcam 1 year ago
Undoubtly, the smartest man alive today!
agmpcam 1 year ago 3
Barney Frank actually has the balls to deny he ever took that stand. He keeps getting re-elected somehow.
elsquibbs 1 year ago
@elsquibbs Yeah it's mystifying isn't it? But then again... you can get a lot of people to vote for you if you promise free stuff
carlindelco 1 year ago
T Man is aweeeeeesssssooooommmmmmeeeeee.
shaqdaddy11 1 year ago
@orgasmicide2 Cool, what subject? where are you in your education path?
TruthfuLie 1 year ago
@orgasmicide2 Wow, YES, that would be AMAZING! I'd pay to see that. Are you an academic?
TruthfuLie 1 year ago
I think one of the big problems with housing nowadays is everyone wants a huge house. 4-5 bedrooms, 2-3 baths. Even if they don't have kids. But even if thats not the case unfortunately its the only houses people build nowadays. I think a whole lot more people would be able to afford a house if some were built smaller. Its probbaly just a failure of the market due to government intervention, people built big houses, cause people were able to get mortgages for them.
girzwald3 1 year ago
Wake up Massachusetts! Vote Barney Frank out!!!! He is a scumbag if there ever was one. Damn you people must be seriously gullible and stupid to fall for this slimy weasel.
RewardHonesty 1 year ago
Home ownership is overrated and is more of a brainwashing campaign to make people think they are living below human existence if they don't own private property. Commodity fetishism if you ask me...
Tougemaster06 1 year ago
Fannie and Freddie had nothing to do with the subprime mortgage bubble.
84% of the subprime loans given out in 2006 where from private institutions NOT guaranteed by Fannie and Freddie.
Also it doesn't even make sense, poor people can't tank an entire economy.
CartoonDiablo5 1 year ago
@CartoonDiablo5 as i understand it, fannie and freddy acted as sort of a safety net for private banks. in other words, private institutions didn't have to worry about approving risky loans because they knew fannie and freddy would buy them up if people defaulted on them. once you remove that risk, it makes no sense for them not to approve subprime loans. however, if fannie and freddy didn't get involved then private banks would have less incentive to offer these high risk loans.
cristoballs 1 year ago
@cristoballs
To an extent, but Fannie and Freddie's share of secured subprime (risky) loans was very minimal compared with the private lenders (and decreased as the bubble got larger)
The problem was that subprime lending was even happening at all due to low interest rates and lax standards. So for instance, between 96 and 04 subprime loans were 6% of all home loans, between 04 and 06 they were 21%.
Also things like Glass-Steagall were removed which could of helped with the crisis.
CartoonDiablo5 1 year ago
@CartoonDiablo5 glass-steagall had little if anything to do with the financial crisis. those touting it was responsible or that it could have helped matters need to explain themselves better. it's easy to point a piece of legislation and say, "aha! that's the cause." it's a completely different to actually explain how it had anything to do with the crisis. this was all about the government making loans more accessible to people who, quite frankly, couldn't afford to pay them back.
cristoballs 1 year ago
@cristoballs
I never said Glass-Steagall was the cause only that it could of helped because it meant banks didn't necessarily act as insurers to these bad loans.
The "government making loans accessible" has nothing to do with interest rates that exploded home prices and then deflated them once the interest rates became normal again.
Banks gave out bad loans because people could afford to flip their house since home prices were exploding. It's not as simple as "people bad with their money"
CartoonDiablo5 1 year ago
@CartoonDiablo5 it has everything to do with people being bad with their money. i don't necessarily mean poor people. i'm talking about people who also got into the house flipping market, hoping to make a quick buck. these people over-leveraged themselves by taking on too many mortgages at once, something the banks were more than happy to approve because they were more or less insured if people walked away from their loans. (cont.)
cristoballs 1 year ago
@cristoballs yes, low interest rates played a role in this, but it wasn't the major cause. the fact is, banks are less likely to lend money, if they don't think there's a good chance they will get paid back. when you eliminate the risk that they won't get paid back, it makes it a lot easier for them to approve a loan.
cristoballs 1 year ago
@cristoballs put yourself in the position of a loan officer. if someone wants to borrow large amounts of money from a bank to purchase multiple properties, even if they have decent credit, but not enough money to make the combined monthly mortgage payments, would you lend that much money if those loans weren't insured?
cristoballs 1 year ago
@cristoballs
Well everything you said is more or else true except for the idea that the loans were insured.
That's the thing, by 2006 only 24% of the home loans were insured and banks very well knew. The reason why banks would keep lending (and lend riskily) is because they were short sighted and were making big money from flipping.
If a bank didn't make risky loans it meant another bank would and gain the profit. No one other then the minority of Fannie and Freddie investors were secure.
CartoonDiablo5 1 year ago
@CartoonDiablo5 let's assume what you're saying is true, and that there's not information to the statistic you cited. do you really think we would anywhere close to the mess we found ourselves in with this credit crisis?
cristoballs 1 year ago
@cristoballs
The statistics are from here
moourl(dot)com/ets7a
If you mean "could we of gotten into this crisis without fannie and freddie?" well yes.
Banks really cared less about whether their loans were secured, the debt to asset ratio was around 30 to 1 and Fannie and Freddie took up less of the subprime market because they were given stricter regulations.
As cliche as it sounds, the problem was lack of regulation and low interest rates that ballooned home prices.
CartoonDiablo5 1 year ago
@CartoonDiablo5 What planet are you on?! There is no way this mess would have happened without Fannie and Freddie. You are on crack. First off, regardless of what percentage of subprime loans were originated by the GSEs, Fannie bought a substantial number of them on the secondary market and they became mortgage-backed securities. Without a place to sell their crap loans, private lenders wouldn't have made those crummy deals. Without a practical guarantee from the US government....
azbrougar 1 year ago
@CartoonDiablo5 (cont) foreign and domestic investors would not have bought mortgage backed securities from a company run as poorly as the GSEs. Therefore there would have been no market incentive for companies to offer such high-risk loans. Government regulation IS EXACTLY THE PROBLEM. Clinton pressured GSEs to relax the lending requirements to get poor people in houses. Republicans passed anti-predatory lending in 2000 to address the problem, but it was insufficient, and abandoned in 2004
azbrougar 1 year ago
@CartoonDiablo5 ironically, you say the problem was lack of regulation and low interest rates. Government intervention is what caused the artificially low interest rates, thanks to Clinton, Barney Frank and Chris Dodd. Bush obviously wasn't without blame either, since he put pressure on to ease lending standards as well, but clearly the market would have regulated itself MUCH better than the interventionist politicians who repeatedly try to cheat sound economic principles.
azbrougar 1 year ago
@azbrougar
Christ where do I begin?
First off, the rest of the 75% or so bad loans weren't by Fannie and Freddie. Care to explain why private lenders would hold on to bad loans that weren't government guaranteed?
Or better yet, why would the percent of Fannie and Freddie loans DECREASE as the bubble increased?
Secondly, regulations had nothing to do with low interest rates, Greenspan put in low fed rates to counter the 90s tech bubble.
(CONT.)
CartoonDiablo5 1 year ago
@CartoonDiablo5 The Fed, although not technically a part of the government is a centralized power that artificially regulates the prime rate. Greenspan should've let the rates remain where they were to clear the field of bad investors. Instead he worked in collusion with the government to create a bubble so neither Greenspan or the government would have a necessary recession on their watch.Obama and Bernanke are doing the same thing with the dollar that Greenspan and congress did with housing.
BelieversinThings 1 year ago
@azbrougar
Lastly, regulations would of prevented this crisis from happening.
We used to have Glass-Steagal which separated investment banks from commercial banks but since it was gutted all banks became investment banks and all risked everyone else's money.
Even if the low interest rate bubble happened, commercial banks would of been smart and the investment banks would of failed.
CartoonDiablo5 1 year ago
So why do you allow them to risk your money, why do you lend to them, for those pathetic interest rates? Maybe because the violent politicians removed money that was worth holding on to, e.g. the Gold Standard, to allow banks to increase the money supply without an automatic inhibitor of depositors withdrawing their specie. This inflation i.e. expansion of the money supply allowed entrepreneurs to gain funds free of agio, even if no-one had saved, thereby impelling unsustainable housing invstmnt
Nintendomanwill 1 year ago
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@cristoballs
Also note that when I say "24% of the home loans were insured" I mean subprime loans. That means that 24% of 21% of the banking sector was insured.
CartoonDiablo5 1 year ago
@CartoonDiablo5
"Also it doesn't even make sense, poor people can't tank an entire economy."
When you lend people money on a massive scale and they don't pay it back, it tanks the economy.
elsquibbs 1 year ago
anyone else see that add next to the video: oil spill-blame obama? vote here now!
lol that's a more desperate attempt to make angry liberals click their link than "thumbs up if you agree" is a desperate attempt to boost a loser's self esteem! XD
samm1809 1 year ago
barney frank should be stoned......with rocks......not weed.
sharpraiderbrown 1 year ago
@sharpraiderbrown he's already stoned with weed.......
samm1809 1 year ago
I agree on the Barney Frank comment....but...
--couldn't he have given a shout out to Chris Dodd too.
terminator007007 1 year ago
@terminator007007 c.d. should have a hot poker shoved up his ass. wouldve said the same of frank, but i think he already has, and loved every minute of it.
sharpraiderbrown 1 year ago
There is nothing wrong with wanting people to own homes. They just need to earn the money that pays for the damn thing.
soeasylivin 1 year ago
That interviewer was clearly distressed Sowell did not tow the Republican line in regards to Bush's role in the economic calamity. What a troll.
tubub 1 year ago
This man is a visionary
Gearhe1d 1 year ago
Why couldn't this be our second "black president"?
TeslaThoughtOfThis 1 year ago 35
@TeslaThoughtOfThis Thomas Sowell has way too much integrity to seek that office. I'm amazed people still think the US presidency has some relevance anymore.
pretorious700 7 months ago 3
@pretorious700 Unfortunately, the president's office has way too much relevance in today's society.
shamgar001 7 months ago
@TeslaThoughtOfThis Clinton was ascribed by some communities as "The first black president" but Obama is our first half black president.
ecuadmail 6 months ago
@TeslaThoughtOfThis That shouldn't matter his views are awesome
BaldyV 5 months ago
@TeslaThoughtOfThis i would have rather he been the first black president
ikambor 3 months ago
Sowell is brilliant!
yougiberishtube 1 year ago 3
Thomas Sowell one of the smartest people in America. Why doesn't he run for office? Maybe he lives in a leftist state.
jimmmmie 1 year ago 2
I like this guy Sowell, refreshingly unreserved.
EGarrett01 1 year ago 2
"most disasters are politically understandable"- basically the overarching theme of modern US crises.
crazysean1218 1 year ago
Good video. I generally accept his theory's how the housing bubble started going. But the one thing he never talks about is how monetary policy played a large part in all of this.
I always wonder why monetarists are so afraid to talk about the money supply and other instruments of monetary policy.
Justbeatit999 1 year ago
History will regard Dr Sowell, Dr Walter Williams, and others like them, as courageous heroes of this very unfortunate time. Unfortunately, we apparently have more ignorant than informed voters.
hockeypuck999 1 year ago
to those who say that to oppose and fear obama/soetero is racist, let this southern white boy tell you that i would vote for thomas sowell for President without reservation.
brilliant man, who doesn't need closet communists and terrorists to shield him, doesn't need to hide his birth certificate, and doesn't require a bevvy of czars to be effective.
THOMAS SOWELL FOR PRESIDENT!
dyhanendra 1 year ago 6
Why dont we value good, smart and exceptional people like this in our Political Landscape these days. I think I know why. See if you agree.
Its because the Tail has been wagging the Dog for so long that it has gotten even Cultural and Popular elites to follow down a path to nowhere. In other words, it has become cool to give people stuff! We want Politicians to go up there and not tell us the hard facts but instead tell us how much stuff and Rights they can give us. Its a bad cycle we're in
roofer10 1 year ago 11
This man should be president!!
JoshLucas5 1 year ago 3
"This is the magic thing about politics..You set one goal and don't worry about the repercussions." Sad but true...just think "Obama Care."
lennomenno 1 year ago
would pay to see the distinguished Dr. Sowell vs. the slobbering Frank
shndola 2 years ago 3
Wow! One name is most obvious missing. BILL CLINTON started the decline in the housing market. He made it happen first! He forced banks to let first time home buyers, poor people with little means to buy their own house. This later led to waves of defaults by people who never should have bought a home in the first place. Wake up people. Bill was responsible for a lot of the bad we see today. He flooded our nation with illegals so he could get elected and the list goes on...Bill=worst president!
koolmom21 2 years ago 6
So far!
koolmom21 2 years ago 2
Doesn't it go back even further to say, Jimmy Carter?
JoshLucas5 1 year ago 3
"Bill flooded our nation with illegals" and Obama is going to insure them!
nef2442 1 year ago 2
@nef2442
Yep!!!!
koolmom21 1 year ago
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The commodification of human health is fundamentally a good thing in that allows stakeholders to extract value from policy holders in exchange for truncated service
ConservativeHealth 2 years ago
Awesome as usual Mr. Sowell!
dinanaro 2 years ago 6
A genius in our midst! Beautiful, concise and even-keeled. Where has this man been? Why isn't he on lamestream t.v.? Oh, we already established that in the first two sentences. x-/
anyusmoon1 2 years ago 58
@anyusmoon1 because lamestream would be too lame for him
lovellespice 1 year ago
..i don't think whoever titled this video actually read the book..
it's a bit misleading..
thomas sowell for president!!!!
pbraswell 2 years ago 2
My, wasn't that articulate? NB69, I'm as white and legitimately conservative as you could possibly ask for, but that doesn't mean that I have any patience for "compassionate conservatives" like GWB.
I'd vote for Sowell in a heartbeat and I greatly miss Ronald Reagan. Especially in his first term, RR was tops in my book.
TsugaC 2 years ago 5
Bush 43 was a gutless wonder who never learned that trying to make your enemies like you is an utter waste of time. Enemies are to be defeated and driven from the political field, not coddled.
TsugaC 2 years ago
tsugaC the gutless enemy is an utter waste of time. tsugaC is to be defeated and driven from youTube
nakedBison69 2 years ago
Thomas Sowell is an adventure.
virago1776 2 years ago
"He was thinking about getting re-elected."
I love Thomas Sowell. He's so direct.
OneEyedJack1970 2 years ago 11
Sowell is a genuis. Read his random thoughts. The man has written 43 books.
1776freedom 2 years ago 11
Compassion, Fairness, empathy, are never a good mix when making public policy and economic policy because it promotes tyranny.
pandabead 2 years ago
the rulers start out as angels, and once they get enough power they turn in their halos for pitchforks
danoftherepublic 2 years ago
I am African American I did not vote for President Obama. I did not known of Mr Sowell before seeing this youtube up load. Thank you now it is time to buy his books.
shophar 2 years ago 76
Also Miltion Friedman is one of his colleagues you should buy his books too.
pandabead 2 years ago 3
Same here! Except I'm not black, but Arabic. I need to buy his books as soon as possible! This guy has a mind so beautiful and clear, it's a SHAME and a SHOCK he isn't publicized more! But I guess logical thought and expression is an enemy to politicians and mass media...
jgizzy 2 years ago 6
you are you are Arabic, but you think so clearly and intelligently. i bet you are a Christian Arab, or even a middle Eastern Jew
nakedBison69 2 years ago
i discovered Dr Sowell my freshmen year of college. since then he has become one of my heros.
shaqdaddy11 2 years ago 4
@shophar i wish Thomas Sowell was our first black president. I think obama has ruined it for quite some time.
asleeperj 1 year ago 3
@shophar You ain't seen NOTHIN' YET! Check out "Basic Economics" by Dr. Sowell. If you think Economics is beyond you, withhold judgement until you read that book. It has no equations or charts in it --just explanations of important concepts. Also check out "Black Rednecks and White Liberals" for the fascinating true history of our country and where we all came from.
workingstiff19 1 year ago
@shophar You might also consider Walter Williams.
doughtymqan 1 year ago
@shophar
did you vote at all, and if so, for whom?
jfuya2000 1 year ago
@shophar That's awesome! Don't forget to look into Milton Friedman, Sowell's professor while at U. of Chicago. What's interesting is that Sowell was a Marxist while at the university then changed his views after working for the government; now a champion of freedom and free markets. He dispels many myths.
gneissday 1 year ago
@gneissday I didn't know any of that! I knew Milton Friedman and I knew Thomas Sowell, but had no idea that they could be related more than two exceptional economists. It's mind baffling to think that this man once championed marxism- and he's a bright guy; it'd be hard to convince him and Friedman did it. That's an incredible story..
Goodatconnect4 1 year ago
@shophar 1 of the 200 black people that didn't vote for barack. Racism. How wonderful.
YourNameHere1212 1 year ago
@shophar Thank God you did see this video. If you read Sowell's books you are in for a treat, if not a lifechanging experience! This white dude would like to force Tom Sowell to be president! A wise man indeed.
voodooshizzle 1 year ago
"low-income housing" and "subsidized housing" means section 8 RENTAL housing. Has nothing to do with mortgages.
JimmyJimmington 2 years ago
Thomas Sowell address "8 Rental" aka Rent Control in great detail. Government does not have any money. It prints, taxes, and borrows. Do a little research on the FED involvement in the housing crisis.
Libertarian71776 2 years ago
All roads lead to: Goldman Sachs!
BBCcashville 2 years ago
European & American state aid is interlocked into the International Bank of Settlements, which is tied to World Bank, which is tied into the IMF, which is like all things: Tied into Goldman Sachs!
AIG is run by Edley of Goldman Sachs!
All roads lead to: Goldman Sachs!
Why don't sheeple want to be independent of Goldman Sachs & JP Morgan?
Instead their lives are dictated to by a bunch of arbitrage wielding sycophants & sociopathic criminals who profit by destroying the system!
sugarpuddin88 2 years ago
The FED & Treasury are the purveyors of US T Bonds. But for many years, big banks like JP Morgan & Goldman Sachs have sold T Bonds that they had no authority to sell; which is essentially counterfeiting those bonds: Selling short Bonds that dont even exist
The FCC had all records on criminals like Paulson, Geithner, Ruben, Summers & others engaging in that illegal activity. But all the records of those illegal trades were destroyed when WTC 7 was brought down by thermite on 9/11!
sugarpuddin88 2 years ago
Currently, the world is forming ad-hoc currency baskets for trade in order to get away from the contamination, which is the US dollar, (google: Shanghai Organizational Coop); & setting up for a new World Order Currency
Meanwhile, the USA has Stockholm Syndrome, where the terrorized population through Obama actually supports their terrorist: Last week Obama is actually giving more power to their captors, the Federal Reserve Bank, rather than prosecuting them
sugarpuddin88 2 years ago
This failed economic system should have been allowed to collapse. Now we are living on just more lies to ourselves, and borrowed time that humanity cannot afford, any way you define it. There are facets of the populace that are wising up, and attempting to change the entire nature of the game, but the resistance is predictably immense. People might begin to listen to "the crazy ones" when there is no food in their bellies, not likely before. By then it could be too late to save any of us.
DonQuixotedeKaw 2 years ago 2
Just face it: Americans love to bend over & take it like a little yatch!
Meanwhile, my Norwegian Kroners are going ballistic - Thank god I rolled all my IRAs, 401s & annuities into foreign currency IRAs
Now I'm making a killing!
The worse America does, the more money I make!
Go America Go!
sugarpuddin88 2 years ago
Your not making more money,
Your dollar is just becoming LESS in value.
leonidas512 2 years ago
no compassion from Bush
the whole point of Bush's "Ownership Society" was funneling a truckload of mortgage securities to Wall Street, which THEY could claim as assets and collateral for more LEVERAGED investment.
The subprime housing bust was tiny compared to Credit Default Swaps and other derivatives.
Look who's making out. Goldman Sachs and other Wall Street made a killing inflating mortgages, then short selling pushed harder for a bigger collapse.
Matt Taibbi or Michael Hudson
dilbertgeg 2 years ago
Nicely put, dilbert.
eirefrance 2 years ago
this was an interesting comment stream , I did see where you became frustrated at on point , I t was puzzling ,but not surorising that sugarpuddin 88 s comments were thumbed down . I rather thought his analyses the best explanation of the genesis of the meltdown that we are in" yes including the reference to bldg.7w.t.c.." Fora tv which is old school liberal is like a deer in the headlights with the new paradigm developing in u.s. politics . The left right ,divide and conquer template is dying
sailfished 2 years ago
Peter Robinson's bias gets more unabashed every time I see him speak.
fielsjd 2 years ago
He's also a Rush Limbaugh fan.
yamuboy 2 years ago
European & American state aid is interlocked into the International Bank of Settlements, which is tied to World Bank, which is tied into the IMF, which is like all things: Tied into Goldman Sachs!
AIG is run by Edley of Goldman Sachs!
All roads lead to: Goldman Sachs!
Why don't sheeple want to be independent of Goldman Sachs & JP Morgan?
Instead their lives are dictated to by a bunch of arbitrage wielding sycophants & sociopathic criminals who profit by destroying the system!
sugarpuddin88 2 years ago
There's plenty of blame to go around in this situation - Frank, Bush and Greenspan certainly deserve a part of it.
lornloxor 2 years ago 3
The FED & Treasury are the purveyors of US T Bonds. But for many years, big banks like JP Morgan & Goldman Sachs have sold T Bonds that they had no authority to sell; which is essentially counterfeiting those bonds: Selling short Bonds that dont even exist
The FCC had all records on criminals like Paulson, Geithner, Ruben, Summers & others engaging in that illegal activity. But all the records of those illegal trades were destroyed when WTC 7 was brought down by thermite on 9/11!
sugarpuddin88 2 years ago
Why would a conservative blame Barney Frank as the most egregious actor in the housing market collapse? I can't imagine partisanship has anything to do with it. I mean, ignore the MBS'. Ignore the freedom of lenders to give themselves AAA ratings.
eirefrance 2 years ago
If someone throws one rock at a conservative and another at a democrat the person who claims partisanship is likely to be the partisan.
stratvic 2 years ago
Currently, the world is forming ad-hoc currency baskets for trade in order to get away from the contamination, which is the US dollar, (google: Shanghai Organizational Coop); & setting up for a new World Order Currency
Meanwhile, the USA has Stockholm Syndrome, where the terrorized population through Obama actually supports their terrorist: Last week Obama is actually giving more power to their captors, the Federal Reserve Bank, rather than prosecuting them
sugarpuddin88 2 years ago 2
I never discounted Barney Frank's role in the crisis. I'm simply claiming that Sowell's "Oh, Barney Frank carries most of the blame" is not honest. Pointing fingers at the other guy is never a good way to a solution, even if it feels good. Am I a partisan? Probably, but I can still call bullshit when I see bullshit.
eirefrance 2 years ago
If the evidence is fairly weighed and falls at the feet of a particular cause or the deeds of an individual, then pointing fingers is warranted.
I think more than anything Sowell is blaming politics involvement in the housing market and politics in general.
stratvic 2 years ago
I'm sure he is saying, because he's a partisan who believes that govt intervention in the market is bad, therefore he lays the blame at the feet of govt intervention. Never mind that everyone else without a partisan agenda says the bankers' freedom from govt intervention, which allowed them to speculate wildly, was the prime culprit. And yes, the Macs played their part. But lets not pretend that the market didn't, too, Sowell's pre-decided "truth" be damned.
eirefrance 2 years ago
If he is partisan why is he throwing rocks at republicans?
Are you saying that freedom is to blame?...is the solution then servitude?
The market was distorted through the CRA, the Macs, implied loan guarantees made good, and the Feds low interest rate policy. That people capitalized on the distortions set by government should be expected indeed it was encouraged by government.
stratvic 2 years ago
The national and world economies are both immensely complicated and neither you nor I can honestly say how much one factor affected it over another. I'm saying Sowell, as smart as he is, is human and he doesn't know either. In some way, "freedom" is to blame, in that banks were free to speculate beyond their means and turn mortgages into MBS. But the opposite of that "freedom" isn't servitude any more than laws against rape are "servitude". C'mon, Hayek aside, hyperbole is no argument.
eirefrance 2 years ago
Paulson, former CEO of Goldman Sachs & Treasury Sec under Bush, "I never saw the banking industry so strong", is involved in Bear Stearns, Lehman Brothers, Geithner & Robert Rubens (also of Goldman Sachs & who was paid 150 million to run Citigroup into the ground) & the privately owned FED Res Bank & other banking oligarchs.
These oligarchs torpedoed pensions to create the new peasant class of indentured servants without medical, retirement or savings, (the FED tripling money supply in 6 mos)
sugarpuddin88 2 years ago
maybe honest analysis had something to do with it , maybe the 2 winged vulture "dems. and repubs. are"nt our friends?
sailfished 2 years ago 4
I don't think they are our friends. I think they use the partisan divide in our country to misdirect our anger, which allows them to keep playing the lobbyist game. A good example of that is Thomas Sowell saying Frank deserves most of the blame. Another one is conservatives suddenly caring about massive spending because a Democrat does it. Still a third is Democrats not thinking critically about Obama's plan because he's on "our" side.
eirefrance 2 years ago 2
are you serious?? you don't think Frank bears responsibilty for the crisis. sure there are a lot of people to blame, but idiots like you and the leftist media give him a free pass. that's plain wrong.
man you need to do some research before you post. you come off like a complete idiot.
btw, Bush and Greenspan also deserve a lot of blame. the housing cisis will financial scar our country for generations.
Kafka1479 2 years ago
Fuck!!! Fuck!!! Fuck!!! What the hell is wrong with you!! Did you even read my post? Yes, Frank had a "role" in the crisis, but no, he doesn't "bear responsibility" for the crisis. That is stupid. Bankers, politicians, lobbyists, the greed is good culture, debt culture, and the American public "bear responsibility" for the crisis. Blaming someone just because they play for the other team is ridiculous. Lornloxor puts it best.
eirefrance 2 years ago
Right! The blame game is just more dog wagging. Most of these "who gets to be the scapegoat" arguments are entirely moot. We can each turn that waggling finger right around and point it at ourselves. A global economy based on runaway consumerism/overpopulation is a fallacy fit for lemmings. We have only begun to notice signs of a cliff. But do we stop and think about it? No, because of the momentum. We had better put some serious energy into changing the way humans think about our species.
DonQuixotedeKaw 2 years ago