An article about the limited ability of underwater homeowners to refinance makes repeated references to past housing booms and busts. The problem is that no prior post-depression boom and bust bears any similarity to this one.
We are in the worst downturn since the Great Depression because the Greenspan-Bernanke crew allowed an $8 trillion housing bubble to grow. The wreckage from this bubble dwarfs the troubles caused by the end of prior housing booms.
It is bad enough that the Post could not see the bubble on the way up. It is astounding that it still has not noticed the bubble even now.
A second Trump administration will cement a right-wing majority on the Supreme Court for a generation, and put our collective future in the hands of someone who will be virtually unchecked by our institutions. The country has shifted rightward, and the reverberations will ensue for potentially the next few decades. In this climate, a robust independent media ecosystem will be more important than ever. We're committed to bringing you the latest news on how Trump's agenda will actually affect the American people, shining a light on the stories corporate media overlooks and keeping the public informed about how power really works in this country.
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