Jose Nocera of the New York Times is making the same argument about the economy that I just did. It's about a lack of cash in people's pockets which resulted in the housing meltdown. Having screwed up their job of lending money, banks have shut down and are not lending money. Without it, no new business, no new houses or buildings or highways or products. It's not about taxes, people, because businesses and individuals don't expand business or build new houses with their own money. It's always borrowed. Thus, cutting taxes will certainly gut the government and explode the debt and deficit. But it ain't gonna grow new jobs because it was never about that.
It's the lack of funds on the demand side - and that comes from the housing and banking crash.
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Pre-application inquiries about mortgage lending financing options represent a critical phase in the home buying process. If potential home-buyers cannot obtain full and fair access to information about mortgage financing.
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