Well, you ask a lunatic to write 300 words, what do you expect will be the response?
From yesterday’s Globe:
The root cause of declining home values? 9/11 – By Scott Burns, The Boston Globe
Having just spent five days in the disaster that is Florida real estate, it makes me wonder: Is it possible that the 9/11 terrorist attack is the root cause of declining home values? Is it possible that subprime loans and speculative building/buying were no more than tools, the equivalent of hijacked airliners?
If so, the eventual economic cost of that attack may run in the trillions. It may also help us find the unity to gird our country against the biggest threat since World War II.
Dude, read your history books.
It’s called a recession.
We’ve had … how many, 20? 40? 50? since our nation was founded, over 200 years ago.
The Fed acted a bit differently this past go-around than it did in the past. It made easy money its primary (only?) goal.
Obviously, we’re seeing the downside of that policy, right now.
But, be practical. For many Americans, they are better off today than they were 5 or ten years ago. Much better off. And, for the most part, the equity they built up over that time, in their homes, is going to remain. Only if you bought two-three years ago are you faced with an investment that, as of now, isn’t going up (or down?).
The US economy was entering into a recession prior to September 2001. It hit its zenith in 2002-2003. We recovered, and had a good run of things, for three-four years.
You could very well make the argument that reckless pending by the current President (and, a complicit Congress) is what brought on the current problems, by basically bankrupting an already bankrupt nation.
9/11? Not even on the top-10 list.
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