Posted on 03/04/2008 4:49:34 PM PST by Libloather
House Democrats sponsor economic forum
U.S. congressional Democrats said they will have a forum with economic and financial experts looking at implications of problems in housing and credit markets.
U.S. House of Representatives Speaker Nancy Pelosi, D-Calif., and House Financial Services Committee Chairman Rep. Barney Frank, D-Mass., said the economic forum will be Wednesday in the Capitol.
Restoring the American dream for millions of our nation's working families has been a central priority for House Democrats, Pelosi said in a news release. Congress will continue to focus our attention and efforts on the strains Americans are feeling, especially with the mortgage foreclosure crisis and the falling purchasing power of their paychecks.
What happens to those who aren't feeling any 'crisis'? Lemme guess - pay for everyone else's.
They mean: RESTORING THE LIBERAL SOCIALIST DREAM. The real American dream focuses on the INDIVIDUAL, the thing socialists want to squash.
"...Last year the median down payment on home purchases was 9 percent, down from 20 percent in 1989, according to a survey by the National Association of Realtors. Twenty-nine percent of buyers put no money down. For first-time home buyers, the median was 2 percent. And many borrowed more than the price of the home in order to cover closing costs....
Essentially, 29% of all new mortgages were under water when written. Imagine, what the problem is like now as home prices deteriorate. There is little incentive to pay a mortgage that is more than the value of the home. The people that bought these homes with no money down were not as stupid as the bankers and other financial institutions that underwrote their folly.
The quote can be found: HERE.
“Restoring the American Dream” is code for bailouts and a government takeover of the mortgage finance industry.
There might be an argument for bailing out homeowners directly to keep the housing market afloat and from disruptive transitions. But why are we subsidizing the risk of stock market operators that should know better?
This should be good. I better lock-up my wallet in the safe before it’s too late.
They care nothing about me or you! It’s all smoke and mirrors “lets put out something positive that they’ll buy” meanwhile they are working behind closed doors to bring us all down to a level with thier voting morons that keep them in office. There objective is to CHANGE the country, where our children will be paying not only for their prior screwups but thier present and future screwups.
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