http://www.youtube.com/watch?feature=pl … p5Mb7FV0#!
Top Rated Comment
"Excellent video. My only criticism is the fact that it doesn't mention the government's role in inflating the housing bubble by legally requiring banks to lend a certain percentage of mortgages to risky borrowers in an attempt to promote universal home ownership. It was a combination of foolishly defining homeownership as a right (hence, denying anybody a mortgage due to poor credit is a human rights violation) along with the misguided fiction that home values only ever go up (they go down too!)"
The user who posted the top rated comment is correct. It is a great video, but I agree with everything the user said as well. The housing bubble was a major catalyst in the financial crisis.
I think one of the biggest problems in today in regards to financial problems is the "Buy now, pay later" mindset- the "I can't wait until I actually have enough money to buy this" drive. The only things a person should ever be in debt for are absolute necessities. People have lost their self control and discipline when it comes to money matters in many cases.
As a child, I remember my family seemed very poor. I grew up wearing plain, identical clothes and only got a few toys at Christmas or my birthday. I had a neighbor who seemed vastly rich because her parents bought her everything she ever desired. I wondered why we didn't have any money, but when I got older, I was informed that her parents had been in debt up to their eyeballs.
Now the family lives with relatives and barely scrapes by. We lived cheaply at first because my parents didn't want to get in debt. They couldn't afford nicer things, so we just didn't have them. I don't understand why it's so unacceptable to people to just do without the things they don't need until they have better finances.
Perhaps it's partly because the government sets such a poor example.
"We're in a recession because people are spending beyond their means! The only cure is to spend beyond our means!"
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