On net, easy credit, as is typically the case, proved an extremely costly way to redistribute. Too many poor families who should never have been lured into buying a house have been evicted after losing their meager savings and are now homeless; too many houses have been built that will not be lived in; and too many financial institutions have incurred enormous losses that the taxpayer will have to absorb for years to come. Although home ownership rates did go up—from 64.2 percent of households in 1994 to 69.2 percent in 2004—too many households that could not afford to borrow were induced to
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easy credit in the end took from the poor and from taxpayers and distributed among the financial sector. (probably not clinton and bush's stated goal ;) )
