Backwards Economics

Trade Unionist Blames Financial Crisis On Falling Wages

I love circles. Which came first? The New Deal or the CRA? Obviously the New Deal. Which came first, job losses or looser requirements for home loans? Yes, that's right, job losses. There is no circle! The Clinton administration lowered the requirements of the CRA in response to millions of white collar jobs being downsized during 91-93. The outcry scared the professional politicians, so they were forced do something. And the CRA crashed for what reason? Yes, that's right again! Job losses! Millions of jobs have been outsourced overseas since 2000, causing sub-prime mortgages to go unpaid. JOB LOSSES ARE THE PRIMARY CAUSE, NOT THE FINANCIAL SYSTEM> The financial system is a mirror of politics.