The housing bubble will leave a very long hang over and we might see around 2 million foreclosures before all is said and done. The main cause of this was laxed regulation (lending rules were continually watered down over the last 20 years) and a refusal to step in with responsible regulations when it was clear speculation was causing a bubble which was distorting the market.
I'm afraid that is an issue which goes far beyond immigration and is really rooted in politicians ridgedly holding to ideological dogma (small government, less regulation) even after everyone knew in reality that the market was being distorted and new regulations were needed to curb such distortions. It didn't help that the finance industry gives so much money to individual politicians so the politicians naturally want to do what ever it takes to keep donors happy and the campaign checks coming in. Even if it means not taking action when they know action is needed.
I'm afraid that is an issue which goes far beyond immigration and is really rooted in politicians ridgedly holding to ideological dogma (small government, less regulation) even after everyone knew in reality that the market was being distorted and new regulations were needed to curb such distortions. It didn't help that the finance industry gives so much money to individual politicians so the politicians naturally want to do what ever it takes to keep donors happy and the campaign checks coming in. Even if it means not taking action when they know action is needed.
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