midwifetoad
Posts: 4003
Joined: Mar. 2008
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RTC may have been created in 1989, but the damage was done by high interest rates and bad loans made a decade earlier. It takes years for people to default on mortgages when the default is due to creeping payments, and it can take years to foreclose on loans after default.
The costs associated with foreclosure, coupled with huge numbers of properties that had to be liquidated quickly at less than the value of the note, did in the savings and loans.
This cycle will repeat every time government policy makes loans available to vast numbers of people who will be unable to repay them. The current mess is exacerbated by loans made that exceed the market value of the property. This is a fact regardless of who deserves the blame. I suspect there is more than enough to go around.
The disastrous economy and high interest rates that made Carter a one-term president were the result of paying for the Vietnam War. Again, it often takes a decade or more for policy decisions to result in a national crisis.
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Any version of ID consistent with all the evidence is indistinguishable from evolution.
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