This guy really doesn't understand why the subprime crisis has happened. He thinks that the tax code caused it. But mortgage interest deduction has been around long before the crisis started. That wasn't the cause. The cause was that people thought housing prices would never go down and piled on to speculated on it. That's what the problem was. Not the tax code.
America is not the richest Nation on earth you have all been had...and from listening to this guy, I am conserned as Canada is doing the same thing....our banking system is safer but still there is a heavy reliance on builders..the bible also says woa unto them who build house upon house causing the people to live in poverty....
It was the very low interest rates in an foolish attempt to re-inflate the dot com bubble and expectation of mass bailouts + gov loans that led to the housing bubble... Not the fricken property tax. We shouldnt have allowed the megabanks to take the economy hostage like they did. Raising taxes on ordinary people never has and never will help the economy. Thus guy doesn't know what he's talking about.
@wb5704 It was private loans and some government backed loans that played the majority of the inflation of the land markets. Fred is talking about lowering taxes on ordinary hard working people, on their income tax and sales tax and raising taxes on land and property speculators. This is much more progressive than income taxes, read around land value tax, widen your knowledge of economics before making bold statements that this chap does not know what he is talking about.
"It was the very low interest rates in an foolish attempt to re-inflate the dot com bubble and expectation of mass bailouts + gov loans that led to the housing bubble..."
You are looking at the symptom not the ROOT CAUSE.
The ROOT CAUSE was:
"The pursuit of the unearned gains from LAND".
Fred goes on:
"if that's the reason then that where policy should be focused. Not talking about re-regulating the bankers, greedy bankers, crooks, bonuses,"
So what is your solution? What canidate should we vote for? i am a young person and it takes years of study to learn economics, to learn taxes. I watched the presenedital debate last night (or part of it..I was looking for jobs for 8 hours since I lost mine and just wanted to relax after that) and I didn't understand half of what they were saying! Please tell us more!
@emilyanne31285 as a Canadian we are all in agreement for you to put Ron Paul in to office,lol! you elect people who are not qualified or educated as politicians to run your Country ie, Bill Clinton was a truck driver Obomba was a black man got in on the race card and then you go back and forth in an ascination of your peoples mantality...keep all liberal governments out of office take it from us they are ran by fringe group mind sets and they will reak havoc...Obomba is a prime example!!!!
Please don't say that America has a Market economy because that is a flagrant lie. We have a corporatist economy. This is not a result of capitalism.. This is a result of the government backing up risky loans that would not have occurred under a free market. This is the predictable result of what happens when banks and corporations get in bed with the government. This is the future of America if Ron Paul doesn't become president.
@rhymeanreasoning China draws US companies to their country with cheap labor and low taxes, but this eventually screws these US companies because China steals their innovations and creates new companies to compete with the US companies in China. In China, there are no patent laws. What China is doing is known as economic war...Their will be more cities like this in America in the comming decades......
Irrespective of China, ghost towns would NOT occur if land was taxed via its "value" eliminating harmful land speculators & income tax was eliminated.
All public revenue can be obtained via LAND VALUES. In the UK it was estimated that the average earner would be £5K better off per ann eliminating Income taxes & reclaiming all revenue from land values. Land values were created via economic community activity, NOT the landowner. Reclaim that public value paying for public services
@rhymeandreasoning CA is the prime example of the govt-fueled real estate boom and bust. People invested thinking they could get rich quick off of buying houses (the prices never go down!!) and have now ended up homeless. Please look up Peter Schiff on YouTube who can explain the situation much better than I.
@antred11 even though i live in canada..i am fascinated with these American "ghost towns"..it is a total tragedy what happened to these places and the people who lived in them etc....yet i am in awe of ...it is crazy..i would love to one day hook up with some of you American ghost town enthusiasts and just travel through as many of these 'ghost towns' as possible..i want to see and learn through the eyes of an American..I love you guys!
@rhymeandreasoning I love ghost towns too! In fact I have been thinking of going to Detroit to take a look around, but am afraid to go alone. Getting a group together would be a great way to do some urban exploring
@rhymeandreasoning hmmm we are well on the way to having the same issue if it keeps up in our Country so you won' t have to go across the border as the same thing is happening here...our banking system seems safer but our mass revenue depends on land devolopers and builders etc...we haven' t see the worse of it as they haven't....
@antred11 "Same thing that's going on everywhere else. Limitless greed." That has always been the case. Not taxing land values creates boom & busts - typical over past 100 years. When on the up greed takes hold and the best & safest gains were from land. Tax the values of land and many social ills will disappear - Tolstoy mentions this. Adam Smith David Ricardo Henry George Leo Tolstoy Winston Churchill Einstein Milton Freidman Martin Wolf (FT) etc All were in favor of taxing values of land
This guy really doesn't understand why the subprime crisis has happened. He thinks that the tax code caused it. But mortgage interest deduction has been around long before the crisis started. That wasn't the cause. The cause was that people thought housing prices would never go down and piled on to speculated on it. That's what the problem was. Not the tax code.
friendlyjun 2 weeks ago
America is not the richest Nation on earth you have all been had...and from listening to this guy, I am conserned as Canada is doing the same thing....our banking system is safer but still there is a heavy reliance on builders..the bible also says woa unto them who build house upon house causing the people to live in poverty....
lucy9359 1 month ago
I'd sugget that if the government gets involved it will create a bubble somewhere else. Everything the government does just makes things worse.
canisfamilliaris 1 month ago
@simonliquify
LVT has a big following in the LIbDem party in the UK.
It is official policy of the Green Party.
NearAbbeyRoad 3 months ago
It was the very low interest rates in an foolish attempt to re-inflate the dot com bubble and expectation of mass bailouts + gov loans that led to the housing bubble... Not the fricken property tax. We shouldnt have allowed the megabanks to take the economy hostage like they did. Raising taxes on ordinary people never has and never will help the economy. Thus guy doesn't know what he's talking about.
wb5704 3 months ago
@wb5704 It was private loans and some government backed loans that played the majority of the inflation of the land markets. Fred is talking about lowering taxes on ordinary hard working people, on their income tax and sales tax and raising taxes on land and property speculators. This is much more progressive than income taxes, read around land value tax, widen your knowledge of economics before making bold statements that this chap does not know what he is talking about.
peetasmith1 3 months ago
This has been flagged as spam show
@wb5704
Fred said:
"what caused bankers to wrecklessly lend money to people who couldn't afford it? It was the pursuit of the unearned gains from LAND".
"LAND is the one asset that delivers the largest & safest capital gain to speculators."
"That instability is driven by the pursuit of capital gains from LAND"
NearAbbeyRoad 3 months ago
This has been flagged as spam show
@wb5704
"It was the very low interest rates in an foolish attempt to re-inflate the dot com bubble and expectation of mass bailouts + gov loans that led to the housing bubble..."
You are looking at the symptom not the ROOT CAUSE.
The ROOT CAUSE was:
"The pursuit of the unearned gains from LAND".
Fred goes on:
"if that's the reason then that where policy should be focused. Not talking about re-regulating the bankers, greedy bankers, crooks, bonuses,"
NearAbbeyRoad 3 months ago
So what is your solution? What canidate should we vote for? i am a young person and it takes years of study to learn economics, to learn taxes. I watched the presenedital debate last night (or part of it..I was looking for jobs for 8 hours since I lost mine and just wanted to relax after that) and I didn't understand half of what they were saying! Please tell us more!
emilyanne31285 4 months ago
@emilyanne31285 as a Canadian we are all in agreement for you to put Ron Paul in to office,lol! you elect people who are not qualified or educated as politicians to run your Country ie, Bill Clinton was a truck driver Obomba was a black man got in on the race card and then you go back and forth in an ascination of your peoples mantality...keep all liberal governments out of office take it from us they are ran by fringe group mind sets and they will reak havoc...Obomba is a prime example!!!!
lucy9359 1 month ago
@lucy935, . . . What? Lol
kiiskeet 4 days ago
@kiiskeet why don't you's just have a civil rebellion while you still have guns :)
lucy9359 3 days ago
Please don't say that America has a Market economy because that is a flagrant lie. We have a corporatist economy. This is not a result of capitalism.. This is a result of the government backing up risky loans that would not have occurred under a free market. This is the predictable result of what happens when banks and corporations get in bed with the government. This is the future of America if Ron Paul doesn't become president.
panzerkilla 5 months ago
@panzerkilla "This is a result of the government backing up risky loans."
Google, "anti predatory lending law"
The law was repealed by W. bush in 2004, triggered housing market bubble.
Did you know about this law?
allgoo19 4 months ago
@allgoo19 Couldn't find much on it. Perhaps you could send me a link.
panzerkilla 4 months ago
This has been flagged as spam show
@panzerkilla "Couldn't find much on it. Perhaps you could send me a link. "
You don't know how to use google?
Why I get hundreds of hits?
Take my suggestion. Get a new computer. There's something wrong with it.
Or that, that was you best way came up for avoiding embarrassment.
Google, "predatory lending Wiki"
"How Bush Helped Destroy the Economy"
"States warned about impending mortgage crisis'
"Predatory Lenders' Partner in Crime"
allgoo19 4 months ago
This has been flagged as spam show
@panzerkilla "Couldn't find much on it. Perhaps you could send me a link. "
Basically saying you didn't know.
You are getting info. from limited sources most likely Fox news et al, don't bother to look around other places.
Is that correct?
allgoo19 4 months ago
@rhymeanreasoning China draws US companies to their country with cheap labor and low taxes, but this eventually screws these US companies because China steals their innovations and creates new companies to compete with the US companies in China. In China, there are no patent laws. What China is doing is known as economic war...Their will be more cities like this in America in the comming decades......
CoryThe411 6 months ago
Comment removed
NearAbbeyRoad 3 months ago
This has been flagged as spam show
@CoryThe411
Irrespective of China, ghost towns would NOT occur if land was taxed via its "value" eliminating harmful land speculators & income tax was eliminated.
All public revenue can be obtained via LAND VALUES. In the UK it was estimated that the average earner would be £5K better off per ann eliminating Income taxes & reclaiming all revenue from land values. Land values were created via economic community activity, NOT the landowner. Reclaim that public value paying for public services
NearAbbeyRoad 3 months ago
all of that land they cleared and destroyed ...such an enviromental waste..
rhymeandreasoning 6 months ago
this is absolutely insane and fascinating..what is going on in the USA ? ( I am from Montreal, Canada)
rhymeandreasoning 6 months ago
@rhymeandreasoning CA is the prime example of the govt-fueled real estate boom and bust. People invested thinking they could get rich quick off of buying houses (the prices never go down!!) and have now ended up homeless. Please look up Peter Schiff on YouTube who can explain the situation much better than I.
thej762000 6 months ago
@rhymeandreasoning Same thing that's going on everywhere else. Limitless greed.
antred11 3 months ago
@antred11 even though i live in canada..i am fascinated with these American "ghost towns"..it is a total tragedy what happened to these places and the people who lived in them etc....yet i am in awe of ...it is crazy..i would love to one day hook up with some of you American ghost town enthusiasts and just travel through as many of these 'ghost towns' as possible..i want to see and learn through the eyes of an American..I love you guys!
rhymeandreasoning 3 months ago
@rhymeandreasoning I love ghost towns too! In fact I have been thinking of going to Detroit to take a look around, but am afraid to go alone. Getting a group together would be a great way to do some urban exploring
saqsay1 1 month ago
@rhymeandreasoning hmmm we are well on the way to having the same issue if it keeps up in our Country so you won' t have to go across the border as the same thing is happening here...our banking system seems safer but our mass revenue depends on land devolopers and builders etc...we haven' t see the worse of it as they haven't....
lucy9359 1 month ago
NearAbbeyRoad 3 months ago
@antred11 scarey eh?
lucy9359 1 month ago
Excellent video Fred!
NearAbbeyRoad 6 months ago