Economic pain: 'Payback' for debt-fueled growth?

For nearly a decade, consumers grew accustomed to the idea of ever-rising home prices. Housing-related prosperity boosted consumption, as consumers tapped home-equity loans for cash to pay for everything from new cars to college for the kids. As the boom roared on, regulators stood on the sidelines, convinced that the magic of the market would sort out any problems.

"It seemed too good to be true, and it was. Absolutely (today) is payback," says ... Full Story »

Posted by Beth Wellington
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Subjects: U.S., Business
Topics: U.S. Economy
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Posted by: Posted by Beth Wellington - Jul 16, 2008 - 3:32 PM PDT
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Beth Wellington
4.2
by Beth Wellington - Oct. 1, 2008

The article links to others in a package on the current economic woes, including investment advice, a piece on Bush's "optimism," another on GM's announced cuts and the confrontation between the president and Congress over Fannie Mae, Freddie Mac emergency relief plan. While it mentions the role of a lack of regulation, it doesn't really emphasize the salesmanship that went into convincing folks to take on risky mortgages, nor the apparent lack of consumer education in the press, that left consumers more susceptible.

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Jack Dinkmeyer
3.3
by Jack Dinkmeyer - Oct. 1, 2008

The crises hitting America are the direct result of Bushie governance with their drown government nonsense, their never-never land economics, corruption, greed, irresponsibility, destruction of regulation and pandering to special interests, ensuring they receive everything they demand. And all Bush can say in reaction to what is happening to Americans is: 'It's been a difficult time for many American families?' There is one word to describe this administration--criminal

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