Thomas Sowell - The Housing Boom and Bust

[ShamanMcLamie]

I know someone who died in 2002 who predicted the Housing crash.

[andysautobody]

Dam I love watching this stuff it's great!! It's just to bad the main stream media won't jump on this, instead they love just making fun of republicans or conservative ideas while politicians run this country into the ground. It's great at the end how he says that they (liberal media) will spin it into how great obama is and get re-elected. But like my mother always said "we perish for lack of knowledge"

[Xenda]

I'm truly heartbroken the majority of the black community embraces the likes of Jesse Jackson, Al Sharpton, and Louis Farrakhan and dismisses brilliant minds such as Thomas Sowell. Simply writing him off as some sort of Uncle Tom. Sad...

[EarlRegent]

@Xenda They call anyone who is black, intelligent, successful and respected 'uncle tom' . What an asinine and immature label. Anyone called an 'Uncle Tom' should actually feel complimented cause they must be doing something right.

[HayateAzekura]

Thank you government for screwing me up the ass. I rather have my chances with terrorist at then I have a fighting chance.

[sosadforcountry]

Obama, The Community Organizer,Carter, and his (The Southern Poverty Law Center), Barney Frank and and Clinton, with his 1999 directive ordering the banks to give out these loans, started this mess. Then they have the audacity of dopes to run in pretending to be our saviors. The worst things is, so many people believe they are!

It's truly a shame that Thomas Sowell wasn't our first black president. I would have donated, volunteered, and stood on a street corner with signs to get him elected!

[pretorious700]

@sosadforcountry Clinton repealed the Glass Steagall act, effectivelt freeing the banks to do whatever they want.

[GunsNRosesbitches]

@pretorious700 That was part of the problem, but not the root cause. Wall Street speculation wouldn't have gotten to insane levels had the government not subsidized housing.

[gwangjuboy1]

@GunsNRosesbitches Between 2001 and 2007 the private label MBS market expanded significantly, and many of these loans didn't even conform to government lending standards. Wall Street bankers opted for short term gain at the expense of long term stability, making billions selling securities they must surely have suspected would fail. Let's not use euphemisms like 'speculation' for what was essentially a fraud. They are not exclusively to blame, but they must be held accountable

[uninterestingentity]

It's been nearly two years at this point, and nothing has changed.

People never learn, foremost politicians.

[MrHamncheez]

If Sowell and Walter Williams were in a tag team cage fight with obama and Jackson, who would win?

[sirjosh2009]

What is worrying is that smart men like Sowell warned the government time and time again since this began in the 1970s, but no one listened.

[CarlosMarti123]

You say Noam Chomsky, I say Milton Friedman.

You say Barack Obama, I say Thomas Sowell.

You say Michael Moore, I say Ron Paul.

MAXIMIZE FREEDOM, MINIMIZE GOVERNMENT

[sirjosh2009]

@CarlosMarti123 Oh odd, Friedman, Sowell and Paul are my three favourite American intellectuals too. :)

[sweetpete420]

i'd love to see sowell debate obama

[USASecretHistory]

I love it. These people practically run the three branches of government and then almost run this system to the ground. Then they blame the same government they were running.

[lmeister3]

Hurray fear!

[SuperGuitarman69]

I bought my home 5 years ago. I refused to take a loan offered by Fannie Mae with an adjustable interest rate. I qualified for my loan and came up with 15% down. I have worked all of my life to own my own home. Meanwhile this was going on. I have made every payment and have seen my house go down in value 75k. Thank You Barney FFFFFF FUCKING Frank!

[Theanimatorman1]

Big fan of Mr. Sowell. Big fan, loved piece about "affordable housing".

There's a cute animation out right now "Barney Frank Takes Us for a Ride"

a 14-year-old in the Barney Frank district did this. Pretty impressive, think he got the gist of it. What do you think?

[CmdrTobs]

So the credit agencies AAAing everything who charge billions are not at fault... Neither are banks like G.S who packaged these into leveraged derivatives to blame... yep its JUST politicians? Sorry Sowell, your think tank propaganda won't wash.

Sowell is exactly right in his chain of events but the Devil is in the details. Things like the comm reinvestment act DON'T explain banks lending illegal immigrants $900K Mortgages as reported. That's bankers wanting to create phony mortgage assets.

[Mortaryan]

The Professor is a freaken genius!!!

Ironic he is an Ex-communist isn't it?

[1czelaya]

@Mortaryan When Sowell was undergraduate, in economics, he believed in socialism. However, while he was in Puerto Rico, he saw how the government take over the sugar industry caused job loss, higher cost in sugar, and the demize of the sugar industry. Thus, he saw how government intervention destroyed markets. At this point, he became a pro-market economist. He highly admired Milton Friedman.

[Mortaryan]

@1czelaya socialist...communist...same thing really, both are despotic and believe in state control and deny natural rights.

[shaqdaddy11]

@Mortaryan Yup he use to be a marxist.

[Xantheus07]

@Mortaryan Not really he was young and naive. Then he got a job in the labor department and he saw how inept the government is.

[Mortaryan]

You need to read his books, he says he was a socialist, and I am sorry, his books are genius, hence he is a genius...and there is nothing greater than personal experience to inspire genius. that's the problem with all these freaken liberals...no empiricism...we've watched America fall apart the last 60 years under liberalization (i.e. socialization) ...and liberals controlling the educational institutions, and mal-educating American youth, the US is screwed for another 40 years, at least.

[unfad1ng]

@Mortaryan

liberalization means decreasing government, has nothing with liberals to do

[Mortaryan]

@unfad1ng Not anymore, Liberalization means making over according to Liberal ideology, that's how I used it anyway. The old Liberals, i.e., classical liberals, to whom liberalization meant decreasing government, were ousted from the Democratic, and by and large make up the majority of Libertarians today...most people are still confused about that, and don't get that Liberal today has nothing to do with "Liberalism (as originally defined)," but socialism and Marxism.

[unfad1ng]

@Mortaryan

liberalism today is sociallberalism, whichh is bassicly classical liberalism with welfare to ensure equal opportunity and maybe its mixed a little with socialism

[Torgo1969]

Sowell essentially says that he's glad to die soon rather than live to see what's going to happen to the US. That's one of the most hardcore statements I've ever heard. Apocalyptic.

As for me, I've never been so glad to be childless. Buy silver, brothers!

[BarackHOsama]

I think this video needs to be on the news everyday.

[ImHappynBP]

Mr. Sowell, you are a national treasure.

[examinfo]

Crystal Clear Concise Logic.Why is he on THIS planet?

[fomastephanovitch]

Someone please explain to me how the federal reserve ever had the right to answer to itself only? - I understand the constitution delegated to the congress the right to mint coins, I don't see how the congressional finanace committee can't just say to the fed chairman "Hand over the books!" - "Now!"

[deathtrapdeath]

I deeply respect Thomas Sowell for speaking the truth to 5% of Americas population. Unfortunately the other 95% are busy throwing Donkey and Elephant feces on each other.

[Cyrus992]

deathtrapdeath:

Dont worry.... one of the hardest hit... Las Vegas... will be the 95% who will KNOW.. and we will do something!!

[Cyrus992]

One cause of the economic downturn was the federal reserve!! What a crappy system!! Audit fed now!!!

[jettbugg]

Yet another example of politicians having no grasp or understanding of reality and will not forsee the future.

[Salsa23PR]

I deeply respect Professor Sowell for telling us the truth about what really caused the housing market crisis today. Our leaders in government should do the same.

[Califacience]

@Salsa23PR

Most media outlets have stated that irresponsible lending was behind the housing boom and bust.

[Americaisgreat123]

Listening to or reading 5 minutes of Sowell is more informative than watching the media all day and night.

[AntonBatey]

Ha! Well said.

[Max20854]

The road to hell is paved with good intentions.

[toddclemmer]

This man should be president.

[wilcox71]

@toddclemmer

I would vote for him in an instant. Guy is genius.

[Noodleydoo]

@toddclemmer I agree but it'll never happen. For now, I'd settle for seeing Mr Sowell on TV once or twice for every 10,000 times I see Sharpton or Jackson.

[WelfareRobot]

Wow, depressing final comment by Sowell. I fear he's probably correct to fear for our future, though. What's that saying? "Hell is here"...

[zzx2847]

Man every time the government interferes with the systems and formulas that are naturally created and decided by the free market, they end up screwing us all over!!

just be glad its over... OH WAIT CAP AND TRADE!! Yay!

[funkymonkey1930]

God bless Sowell. The f...ing mainstream media should be playing this kind of information all the time. But, no, Michael Jackson is much bigger news, I suppose.

[FCmagic01]

I was ashamed of Fox....how can they show this and then not have follow ups.

[Cyrus992]

Good story!!! Amazing!! This doctor should have been president since 1999 to stop these risky government regulations!!! POWER TO THE PEOPLE!!! NOT THE GOVERNMENT!!!

If only he made that speech worldwide telling millions of people including the screwups in washington.

[Americaisgreat123]

I'd love to offer some praise to Sowell, but 500 characters just won't do it justice.

I hope he is able to keep it up for many years. I started reading him less than a year ago and haven't been able to put him down since.

[svessien]

Interesting interwiew, but why the disturbing music?

[sonofaglitch2]

Government caused the problem, now they're poised to provide the solution. Great!

I'd love to hear ONE solution that this government has provided in the last decade that shows any success at all. It's been disaster after disaster after disaster.

We need to fire all of these idiots in the Congress and Senate, then make sure to throw out Obama, his Cabinet and czars along with the rest of the crooks!

[MrGearySr]

@sonofaglitch2 Good Idea, but iut won't solve the problem. We also have to prevent special interest corporate lobbyist form interfering in the legistrative process. Without that, whoever we send there, veteran or rookie, will serve the welfare state and the military industrial complex. We should also demand Congress abolish the Fed and exericise their responsibilities for monitary policies.

[asleeperj]

@sonofaglitch2 I'd like to hear ONE solution that this government has provided in the last century that shoed any success at all......

[northduc]

Thomas Sowell is a national treasure.

[Scoforever]

Great vid. I hope that Obama watches this. He might learn something.