Thomas Sowell Blames Housing Bust on Frank, Bush, Greenspan

Complete video at: http://fora.tv/2009/06/29/Thomas_Sowell_The_Housing_Boom_and_Bust

Thomas Sowell, senior Hoover fellow and author of The Housing Boom and Bust, cites Congressman Barney Frank, former President George W. Bush, and Alan Greenspan as major players in the housing crisis. Sowell calls Congressman Frank the worst actor of the three.

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Thomas Sowell analyzes the recent housing boom and bust, beginning with the underlying economic causes that artificially inflated housing costs in certain markets. He points the finger directly at political decisions in Washington -- particularly involving Fannie Mae and Freddie Mac -- that enabled and promoted the financing of an unsustainable housing bubble in which the collapse of prices in a few inflated markets rapidly evolved into a national crisis.

Sowell challenges the accepted wisdom of modeling a recovery based on the New Deal, which he asserts did little to help -- and perhaps even extended -- The Great Depression. Finally, he disputes the value of the recent stimulus package and argues against Obama's health-care and energy initiatives. - Hoover Institution

Thomas Sowell is an American economist, political writer, and commentator. He is currently a senior fellow of the Hoover Institution at Stanford University. In 1990, he won the Francis Boyer Award, presented by the American Enterprise Institute. In 2002 he was awarded the National Humanities Medal for prolific scholarship melding history, economics, and political science.

Peter M. Robinson is a research fellow at the Hoover Institution, where he writes about business and politics, edits Hoover's quarterly journal, the Hoover Digest, and hosts Hoover's television program, Uncommon Knowledge.

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• greenspan
• economy
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• financial
• crisis
• recession
• economics
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• bubble
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[pamnewt64]

This man is a prince among men. What a blessing to have the opportunity to hear him speak.

[m3RacerBitch]

"Most disasters are politically understandable" LOVE IT!!!

[hapz3000]

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]

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.

[MrSchultzstaffel]

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

[Tacotruck1166]

@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.

[buddacafe]

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.

[Phi1618033]

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.

[rte66byhd]

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.

[frankcharles511]

And Barney Frank is the worst kind of criminal. 

[ikambor]

@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]

@TeslaThoughtOfThis i would have rather he been the first black president