Afford Quote by Mark Skousen
“Millions of Americans were duped by the federal government and the Federal Reserve into buying homes they could not afford and failed to count the cost. When the financial crisis of 2008 hit, they could not keep up the monthly mortgage payments and defaulted.”
About This Quote
Source Book: The Age of Deception, 2010
The government and central bank encouraged home buying beyond means, leading to defaults when the crisis hit.
In simple terms: People were misled into unaffordable mortgages.
Key Takeaway
Beware predatory lending.
Themes
economics
housing
crisis
policy
responsibility
Mood
cautious
critical
Type
analytical
historical
When to use this quote
- home buying
- mortgage counseling
- financial education
- policy reform
Key Concepts
financial bubbles
government intervention
consumer protection
Questions to Reflect On
- How could better regulation have prevented the crisis?
- What personal safeguards can protect against similar bubbles?
A Different Perspective
Not all borrowers were duped; some took on risk knowingly.
