A Tragic Tale: Instant Gratification and the Great Recession

By Chris Talgo and Emma Kaden:

Consider the following scenario: a federal law compels banks to provide home loans to low-income Americans. Millions of Americans willingly take out loans because they want to own a home (or two in some cases) – even though they cannot afford to. In turn, banks pass the risky loans on to foreign banks and taxpayers. Eventually, this house of cards tumbles down, bringing the worldwide economy to the brink of disaster.

Read more: American Thinker