It must be noted, however, that this chain reaction was abetted by elected officials who were eager to expand the American dream of home ownership and naively thought it would be great if everyone was enabled to buy a home. In a speech in October 2002, President George W. Bush repeated what he’d been told by one of his friends: “You don’t have to have a lousy home for the first-time home buyers. If you put your mind to it, the first-time home buyer, the low-income home buyer can have just as nice a house as anybody else.” I wonder if the people who heard that statement at the time found it as
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