My Argument consists of the fact that I think Washington is to blame for the housing bust. The three main reasons for this is Greed, Regulation failure, and Media/Government Persuasion.
Greed
They wanted to inflate the housing market and they wanted housing prices to inflate. They were looking for fast money so that they could get overseas investors in on the housing craze.
Failure to supervise
Being professionals and running the financial state of our Nation, Washington should have seen this coming. Washington should have seen what would be to come. They did absolutely nothing to stop what was happening, and not only turned a blind eye, but also pushed fast forward.
Media/Government Persuasion
Washington used banks and made loans available to people that should have been warned. Using the banks and allowing for zero down financing, no documentation, lured home buyers into buying more house then they should have been able to. Also lowering the interest rates made the illusion that anyone could afford anything.
Arguments
The arguments that are present against my research paper thesis is that Real Estate Brokers, Mortgage Brokers, and Banks are to blame for the housing market crash. My argument is that these professionals were there to help sell homes and loans, but they did not fuel the push to sell the American Dream. The government is in place to regulate housing inflation, interest rates, fannie and freddie mac. It is not the professionals jobs to keep the economy safe. Washington was being greedy and turned a blind eye on a lot of regulations that should have been in place. There were people predicting and warning the government with what would happen with Subprime. I also think that the professionals, if they knew any better, would have prevented all of this because they are suffering immensely after the crash.
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