ST Alpha - ""The housing bubble was caused because of a dramatic spike in energy prices that caused the housing bubble to burst. People had to pay so much money " (Reading a Post)

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"The housing bubble was caused because of a dramatic spike in energy prices that caused the housing bubble to burst. People had to pay so much money

Posted by Rick Santorum (aka mara ) Feb 10 '12, 10:11

to air condition and heat their homes or pay for gasoline that they couldn�t pay their mortgage."

Responses:

He's not a moron, folks. He is specifically lying for effect. -- nm - David Feb 10, 10:37 2
- Liar... Moron... Neither is a good trait for a president. -- nm - TWuG Feb 10, 10:45
- Fred Phelps for President! -- nm - Mop (196 lbs) Feb 10, 10:41
Enron! -- nm - Mop (196 lbs) Feb 10, 10:33
And what caused that dramatic spike in Energy Costs? - amoxy Feb 10, 10:25 6
- rubbers -- nm - oblique Feb 10, 10:28
- Duh. People owning houses. - TWuG Feb 10, 10:27 1
  - it's all the EPA's fault -- nm - decline Feb 10, 10:28
- The housing bubble. -- nm - Ricky Feb 10, 10:26
- God's will - decline Feb 10, 10:26
- the housing bubble ofcourse -- nm - Danedukenuuk Feb 10, 10:26
well ithought the lowpoint was Bush II but i was wrong -- nm - Danedukenuuk Feb 10, 10:25
That first sentence doesn't make sense. If you take out "a dramatic spike in energy prices" and insert "tomato ketchup" you get; - Loyola Feb 10, 10:22
[deleted] 34
- he isnt correct that it was the only reason either. -- nm - tRuMaN Feb 10, 10:15 5
  - [deleted] 4
    - Dawson = not a teamer. -- nm - TFox Feb 10, 10:27
    - I am very impressed by you in this thread. - Dr.Vermin Feb 10, 10:22
    - agreed, unless it becomes his major talking about his understanding of the economy. -- nm - tRuMaN Feb 10, 10:20 1
      - The cynic in me just assumes he must have been talking to people in a place that's cold -- nm - con_carne Feb 10, 10:23
- Between cheap oil and cheap interest rates, oil was not the reason that home prices inflated. -- nm - Max Feb 10, 10:14 27
  - [deleted] 25
    - still, if you make a list of the 5 most important elements in the housing collapse and financial crisis, oil prices aren't in the top half of the list -- nm - Max Feb 10, 10:21 23
      - Poor lender practices, low interest rates, stagnant wages... that's 3. Got 2 more? -- nm - TWuG Feb 10, 10:26 3
        
        I think wages weren't as stagnant before the economy fell, which coincided with the housing bubble bursting. so... *bzzt.* -- nm - the amanda nones Feb 10, 10:28 2
        
        Wages for the middle class have been stagnant for 30 years. -- (link) - TWuG Feb 10, 10:30 1
        
        fair enough. I suppose contracting wages (real $) is what I mean. -- nm - the amanda nones Feb 10, 10:32
      - Go! -- nm - Dr.Vermin Feb 10, 10:22 18
        
        Great asnwers, y'all... thanks! -- nm - Dr.Vermin gets his learn on. Feb 10, 10:31
        
        1) People wanted to buy bigger homes than they could afford, so they did - Roger More Feb 10, 10:28
        
        cheap interest rates, poorly planned mortgages, excess leverage, asset-backed securitization, and money supply. -- nm - Max Feb 10, 10:25 14
        
        cheap money and deregulation leading to a systemic underpricing of risk -- nm - znufrii Feb 10, 10:33
        
        It was a... perfect cocktail storm of factors. *makes metaphory hands* -- nm - con_carne Feb 10, 10:27 7
        
        Unrelated but I never count the Perfect Storm in my top 20 films but I must have seen it ten times by now. -- nm - Loyola Feb 10, 10:28 6
        
        my libraries don't have this. I could watch it again. -- nm - the amanda nones Feb 10, 10:32 2
        
        In an odd coincidence, I saw this book at my library not 90 minutes ago. -- nm - ty97 Feb 10, 10:35 1
        
        I know. -- nm - Loyola Feb 10, 10:38
        
        Also, Poseidon was overlooked, but man did I enjoy that movie -- nm - con_carne Feb 10, 10:30
        
        I think that movie is scary as hell -- nm - con_carne Feb 10, 10:29 1
        
        Brilliant though. -- nm - Loyola Feb 10, 10:30
        
        I'd argue that liar loans were top five. -- nm - the amanda nones Feb 10, 10:26 2
        
        I'm including those in poorly planned mortgages: buyers not calculating balloon payments or any margin of error, lenders not informing buyers, - Max Feb 10, 10:29 1
        
        you're free to live, then. -- nm - the amanda nones Feb 10, 10:30
        
        and effing renters. -- nm - Max Feb 10, 10:25 1
        
        #1 -- nm - ty97 Feb 10, 10:26
        
        Coffee prices are effed up, man -- nm - con_carne Feb 10, 10:23
    - He's trying out his new board game "Policy Positions by Mad-Libs" -- nm - Will Hunting Feb 10, 10:16
  - word. -- nm - the amanda nones Feb 10, 10:14
What a moron. - TWuG Feb 10, 10:13

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"The housing bubble was caused because of a dramatic spike in energy prices that caused the housing bubble to burst. People had to pay so much money

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