Do No Evil – The inflation and subsequent collapse of the residential real estate market was facilitated by the Federal Reserve over nearly a decade. From the late 1990's when the technology bubble burst until early 2007 when investors began to realize how much bad debt had actually been created in the housing market.
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FTA:
"Paul also knew that malinvestment caused by government intervention in any sector of the economy would lead to disaster. Making a statement before the Financial Services Committee of the House of Representatives in September of 2007, Paul said, "The housing boom was caused by the Federal Reserves policy resulting in artificially low interest rates. Consumers, misled by low interest rates, were looking to consume, while homebuilders saw the low interest rates as a signal to build, and build they did." The larger the bubble, the more malinvestment would occur, and the more severe the correction would have to be."
Did the Federal Reserve cause the Housing bubble? You bet it did and it benefited the elite.