Tuesday, November 3, 2009
RJA #11a: Introduction
The housing crash should have been prevented and America should have been protected from the financial meltdown. Millions of Americans have lost their homes, and our economy is in a scary state after the housing market crash of 2003. Many Americans tended to point the finger at the housing professionals; real estate agents, mortgage brokers, and bankers. What the housing market crash left everyone asking; what caused the housing market to crash? Washington and politicians were pushing the market and selling the American dream. They lowered the interest rate and did not regulate housing inflation. Low interest rates and no documentation lending allowed anyone to get a loan even if they did not qualify for it. The media was used to persuade everyone that the American Dream was owning your own home. No one was regulating the banks and quantity was more important then quality. The housing market crashed because of greed, regulation failure, and use of media/government persuasion.
Thursday, October 22, 2009
RJA #10b: Argument
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.
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.
RJA #10a: Thesis Statement
My research question is; what caused the crash of the housing market? For my thesis statement I have broken this question down to an argumentative paper. My claim is that the housing crash was caused by Greed, Regulation failure, and Media/Government persuasion. Using these ideas I have come up with my thesis statement.
The housing market crash was caused from greed, regulation failure, and misuse of media/government persuasion.
Friday, October 16, 2009
Thursday, October 15, 2009
RJA #9: Evaluation of Sources
Housing Boom and Bust-Book Source
Author: Thomas Sowell Publisher: Basic Books Date: 2009
Author: Thomas Sowell, Scholar Credibility: The Hoover Institution, Stanford University. He has a PH.d. in Economics from the University of Chicago. His book is published by Basic Books, a member of the Perseus Books group.
Who's to Blame: Washington or Wall street?- Periodical
Website: http://www.newsweek.com/id/190342 Published Mar 21, 2009
I know that Newsweek is a credible magazine, and I know that this is there correct website. Also this is credible because it is a debate with two sides, and it is not biased.
Website: http://gbr.pepperdine.edu/073/housing.html
Source: Internet Author: Peggy J. Crawford, PhD, and Terry Young, PhD
Credibility: I think this is really credible, because it is from Pepperdine University and it is a business report. They both have PH.d's and they have a lot of citations for this article.
Website: http://www.bepress.com/ev/vol3/iss4/art1/
Source: Dean Baker, Center for Economic and Policy Research
The Berkley Press, the new standard in scholarly publishing
Citation: Baker, Dean (2006) "The Menace of an Unchecked Housing Bubble," The Economists' Voice: Vol. 3 : Iss. 4, Article 1.
Periodical: Science Direct
This is an article that is from the Auraria Library and it also cites works and the Author.
Author: Hitoshi Saito
Mitsui Fudosan Co., Ltd., 2-1-2 Muromachi Nihombashi, Chuo-ku, Tokyo 103-0022, Japan
Received 5 April 2001;
accepted 15 May 2001. ;
Available online 15 April 2003.
Periodical: Science Direct
This is also another article that is from the Auraria Library and it also cites works and the Author.
Author: Kyung-Hwan Kim
Department of Economics, Sogang University, CPO Box 1142, Seoul, Republic of Korea
Received 21 December 2003.
Available online 11 November 2004.
Author: Thomas Sowell Publisher: Basic Books Date: 2009
Author: Thomas Sowell, Scholar Credibility: The Hoover Institution, Stanford University. He has a PH.d. in Economics from the University of Chicago. His book is published by Basic Books, a member of the Perseus Books group.
Who's to Blame: Washington or Wall street?- Periodical
Website: http://www.newsweek.com/id/190342 Published Mar 21, 2009
I know that Newsweek is a credible magazine, and I know that this is there correct website. Also this is credible because it is a debate with two sides, and it is not biased.
Website: http://gbr.pepperdine.edu/073/housing.html
Source: Internet Author: Peggy J. Crawford, PhD, and Terry Young, PhD
Credibility: I think this is really credible, because it is from Pepperdine University and it is a business report. They both have PH.d's and they have a lot of citations for this article.
Website: http://www.bepress.com/ev/vol3/iss4/art1/
Source: Dean Baker, Center for Economic and Policy Research
The Berkley Press, the new standard in scholarly publishing
Citation: Baker, Dean (2006) "The Menace of an Unchecked Housing Bubble," The Economists' Voice: Vol. 3 : Iss. 4, Article 1.
Periodical: Science Direct
This is an article that is from the Auraria Library and it also cites works and the Author.
Author: Hitoshi Saito
Mitsui Fudosan Co., Ltd., 2-1-2 Muromachi Nihombashi, Chuo-ku, Tokyo 103-0022, Japan
Received 5 April 2001;
accepted 15 May 2001. ;
Available online 15 April 2003.
Periodical: Science Direct
This is also another article that is from the Auraria Library and it also cites works and the Author.
Author: Kyung-Hwan Kim
Department of Economics, Sogang University, CPO Box 1142, Seoul, Republic of Korea
Received 21 December 2003.
Available online 11 November 2004.
Subscribe to:
Posts (Atom)