It was determined a half century ago that home ownership was a good thing. Since then, the government has bent the rules in favor of the homeowner – with artificially low mortgage rates…and substantial tax benefits. As an unforeseen consequence, the feds helped create the biggest mortgage-backed credit bubble in history. Not only that, they changed to geography of America – with vast suburbs stretching out in all directions, rather than cheaper and more efficient tightly packed apartment buildings.
Quelle: The United States: The Largest Ponzi Scheme in the World
