As voters ponder which candidate to support in the run for the White House, the nation’s economic problems are being pushed to the forefront. One big question: Who’s to blame for the current financial crisis that has its roots in the housing and credit markets?
The blame doesn’t rest with just one political party — nor can it be assigned to one sector or level of government, write Greg Ip, James R. Hagerty and Jonathan Karp in today’s Journal. “The nation gorged itself on home-buying, something once considered as American as apple pie,” they say.
“We went crazy as a country with the goals…saying, ‘Everybody’s got to have a house,’ ” said Richard Syron, chief executive of Freddie Mac and a former Carter Treasury and Federal Reserve official, in December.
Readers, is the dream of homeownership for all, just a dream? Was the promotion of homeownership one of the driving causes of the current crisis in housing? –Lauren Baier Kim