When the Paul family, Ron Paul and son Rand Paul, blame the Federal Reserve and its cheap money policy during the Bush years for creating the housing bubble and the resulting financial collapse, they are only telling a fraction of truth. The bigger problem was the loophole Phil Gramm wrote into the 2000 Federal Budget that made it possible for banks to lend at ratios that were guaranteed to end in disaster.
The amount of ordinance in the neighborhoods this Fourth of July highlights the extreme injustice of our economic policy.
