The US housing market crashed around that time. Construction and landscaping came to a screeching halt. Both businesses employed huge numbers of illegal Mexicans and paid cash. Win/win all around. Jobs evaporated overnight. New construction in Georgia has just started picking up over the past year....Job will materialize, but slower than a decade ago...and volume will not be remotely close for a while...
Thanks to Clinton and Obama himself who as a community organizer had gone around threating banks who would not give bad loans to minorities
Actually the crime stats are up for this year, heck we have several killings or shootings here in DFW every day. No pone can explain why it has gone up but it is.
LOL, the banking/mortgage issue started before Obama was even in office and after Clinton was gone. No one forced any banks to give any loans, some did not make the same choices, the problems was greedy banks that thought the housing bubble would never burst and idiots of all colors that took loans they were not going to be able to pay.
Of course as he was a community organizer before he was even a senator but the facts remain the same President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices. As few as 19 of those 186 clients still own homes with clean credit ratings, following a decade in which Obama and other progressives pushed banks to provide mortgages to poor African Americans. The startling failure rate among Obama’s private sector clients was discovered during The Daily Caller’s review of previously unpublished court information from the lawsuit that a young Obama worked on as an attorney for the lead plaintiff. [RELATED: Learn about the 186 class action plaintiffs] Obama’s lawsuit was one element of a national “anti-redlining” campaign led by Chicago’s progressive groups, who argued that banks unfairly refused to lend money to people living within so-called “redlines” around African-American communities. The campaign was powered by progressives’ moral claim that their expertise could boost home ownership among the United States’ most disadvantaged minority, African-Americans. [RELATED: Obama’s African-American clients got coupons, not cash] Progressive activists’ ambition instead contributed greatly to a housing bubble that burst in 2007, crashed the nation’s economy in 2008, wiped out at least $4 trillion in equity, kept unemployment above 8 percent for four years, and damaged the intended beneficiaries of looser mortgage lending standards. In the White House, Obama has continued to intensify regulatory pressure on banks to provide more risky loans to African-Americans and Latinos. He has used lawsuits to fund his allies. And taxpayers are now unwittingly contributing to a re-inflation of housing prices. Read more: http://dailycaller.com/2012/09/03/w...-to-chicagos-african-americans/#ixzz3nHbOGhQh
Sorry but the problem was the development of derivatives that allowed consolidation of the loans and the passing on the risks to third parties. If the banks had not had that option and had to retain the loans the problem never would have occurred on the scale that threatened the entire financial system of America.