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 - New Life for an Old Allis - by Tyler Woods. My friend Jon, has an old '39 Allis Chalmers B. He thought it a marginal tractor that had long since served its time. She smoked terribly and never had much power but he couldn't afford another so he was limping along with what he had. Jon's Allis has a small front loader and though it doesn't carry much, it serves his needs. It was the hard starting and low power that made him think it was time to replace the old girl. Jon called me to help him discover why his tractor wouldn't start
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