Mark the pre 07 levels were artificial. Started with Carter and went into Reagan and the elder Bush of making credit easier trying to stimulate the economy. Then once Clinton was in office all the gloves came off. I remember watching his speech. "Today I made achieving the American dream accessible to more Americans than ever before". What he had done was make it lenders had to accept welfare as a type of "income" on a loan application. That signaled the mortgage companies that they could target everyone. Most of the home forecloses were not on poor people but on middle income who were convinced that a mortgage with a balloon clause was OK because by the time that kicked in the person/family in question would be making more money from raises and promotions. Guess the raises were less than expected and those promotions didn't come through? When the housing bubble popped the rest of the economy went with it. Funny, but the politicians who set us up for failure were the first ones to accuse the banks and mortgage companies as being the bad guys. That's not saying they were not part way to blame. They were but had they not been allowed to run wild it never would have happened.
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Today's Featured Article - A Brief History of Tractors in Australia - by Bob Kavanagh. After Captain Cook's exploration of the east coast in 1770 the British Government decided to establish a penal colony in Australia. The first fleet arrived in 1788 and consisted mainly of convicts who were poorly equipped and new little of farming techniques. The colony remained far from self-supporting and it was not until the early 1800's that things started to improve. Free settlers started to arrive, they followed the explorers across the mountains and where land was suitable set up farms. T
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