More Videos:
▶What REALLY Caused the 2008 Financial Crisis: https://youtu.be/uI4xvv-RjD8
▶The Bizarre Game of Politics: https://youtu.be/GQvo_Wctwpg
▶The War on Personal Responsibility: https://youtu.be/HCVnydB3bj0

"It's not that politicians never learn. They learn how much they can get away with, when they can blame others."
That was pretty accurate.

"It's not that politicians never learned, it's that they learn how much they can get away with, when they can blame others." - Thomas Sowell

I felt the pressure too back when I was purchasing my first home during this time. So many lenders wanted me to borrow more money and build a bigger home, with an adjustable rate mortgage. I didn't graduate college but my father taught me never to bite off more than I can chew. I decided to buy a modest home within my means. With a 135K combined income, I settled on a home in the 129 K price range, put 10% down and rejected the ARM. Boy was the homebuilder upset. The bank rejected my first application, not because I didn't qualify but because I would not agree to their terms. I found another lender and finally made the purchase.

I learned a lot on my own and I'm glad I did not make the mistakes many made during this time. The lesson for me was to listen to my instincts and live within my means, save my money and enjoy life.

Note that nobody in the House Financial Services Committee who, blatantly, ignored warnings from the SEC in 2004 and 2005 regarding the impending housing bubble, suffered any consequences for their willful ignorance. Every single one of them maintained the political careers even after the crash.

This is not to absolve those who created and perpetuated the bubble but those who were in charge of oversight, with members from both parties, did little to nothing as well.

I wish I would have known Dr Sowell earlier in life, but I am thankful to know and support him now.

In the movie "The Big Short", the word 'government' is spoken only 1 or 2 times, if at all - and not in the context of culpability. It was focused entirely on banks, financial institutions, and traders.

Up in Canada, but simular situation. When we bought are second house we had a good down-payment. But the thing I noticed is that we were approved for a mortgage which was way higher than we could safely afford. One thing wrong and we would have been in big problems.
Well things did go wrong, but because I based what we could afford on my own calculations, we survived. If we had gone for the full amount we would have lost the home.
When my children bought their homes I warned them not to go with what the bank said, but to figure it out for themselves what they could really afford. Something they are grateful they did.
I remember a magazine from the states that did articles on different towns before the crash. I remember seeing things like average income 42,000. Average house cost 650,000. I could never wrap my head around that. I knew something was wrong.
But you can see things here in Canada are heading for a massive crash. Same massive gap and banks still approving way too much.

I attend university, where there are many self proclaimed progressives that voice their anti-capitalism viewpoints loud and clearly. While I of course want to prove to them they are wrong, I don’t flat out say it. I simply ask “what was the government doing before that event occurred?”

It’s to allow individuals to think a little more open mindedly. And I simply say, “You can’t say capitalism is the problem, if it wasn’t capitalism that lit up dynamite”

Mr.Sowell you're awesome, love the way you give simple overview of pertinent issues that affect everyday citizens in less than 6 minutes without giving a 5 day course & losing interest.

Inevitable, "Sowell is a national treasure" comment.

The Founding Fathers would be proud of Thomas Sowell. Mr Sowell is the living embodiment of the spirit the founders were about. Thomas Sowell : 'Made in America'

Behind every evil, there is some government somewhere deflecting blame someone onto their citizens.

Excellent video as always

People tend to forget, elected officials are often less wise than they are popular sounding.

What you just said is so true! I work for a "affordable housing" company and the people who are buying just should not be buying homes. So many go into default and foreclosure. Not everyone can be a homeowner.

Thank you. This is one of the reasons I lost a job that was important to my career in 2008.

Dr. Sowell is a voice of reason in a chaotic world.