Posted on 09/23/2008 9:41:03 PM PDT by Kaslin
Mortgage Politics: A push for more "ownership" — in reality, debt — helped create the subprime mess. Reform is essential, but powerful lobbies and deep-rooted attitudes stand in the way.
At some point, Americans bought more houses than they could afford. Someone should have reined it in. No one did.
Why not? The answer may lie in America's housing complex. We use that term in two senses. First, there is a powerful nexus of lobbies (such as real estate agents and builders) and politicians (all the friends of Fannie Mae and Freddie Mac) who profit from the status quo. This is at least as potent a force as the "military-industrial complex" was when Dwight Eisenhower coined that phrase.
Second, there's a deeply ingrained state of mind about homeownership and its real or supposed benefits to society. This "complex" has strongly skewed laws and regulations to serve the housing lobby's interest, ultimately at the expense of the taxpaying public.
(Excerpt) Read more at ibdeditorials.com ...
“I introduced two of the leaders here today — they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion.”
The President-June 2002
People from both parties are at fault for this mess.
Credit, credit, credit and more credit. More debt, debt, debt, more, more, more. Come on fellow citizens of American, spend, spend, spend. Your country and it’s economy needs to expand and improve your quality of life.
Christmas is coming, get out your credit cards and spend. The solstice is coming, buy a house whether you can afford it or not. While you are at it, buy a new car and motorhome. Buy, buy, buy!!!
It’s ok if you get into financial trouble, your government will bail you out and start all over. /S off
it was a key part of his ‘compassionate conservatism’
Not compassionate and not conservative.
It is very easy being a compassionate conservative with my money!
Unfortunately, both parties are fault. The Dems started it, the Repubs embraced it for the $$$. But plenty of Dems and race hustlers made millions.
Just hang out in Rumson and Red Bank NJ with wealthy Democratic Wall Street types, Springsteen and Bon Jovi. They are all so wealthy that they don’t care if have another depression.
Our great NJ universities, Princeton and Rutgers, are both so hopelessly leftist. I fear for our country.
“At some point, Americans bought more houses than they could afford. Someone should have reined it in. No one did.
Why not?”
Cause money’s cheap. Seriously, it’s made of paper.
If we need our government to act like mom and dad with all 300+ million people than we need to get it drunk. A drunk government is better than a sober one, at least a drunk government will forget what it was doing in the first place. A sober one will act like they need to clean our rooms.
What next, government subsidized maid services by private maids for messy people, like me, who cannot clean their rooms? And these are supposed to be the icons of fiscal responsibility in this new age? But I will say something more personal.
If the law actually exists, most Democrats(especially those to pay for anyone who makes bad credit) would be in jail for bribery. All of the Fiscally Liberal ones, as they should. Any politician who becomes rich by robbing people of responsibility and by getting them to vote by promising them free stuff is no better than your garden variety con artist. What makes people think that this is the idea of “rescuing” any form of economical system are the same ones who think that Universal Healthcare is to save Capitalistic businesses from providing them and not to bribe more people into voting for them, and to depend more on them instead of rugged individualism.
Liberals are all for big business, as long as they can be used for slush funds or corrupt practices. Terry M. and Global Crossing anyone?
Without question, you are correct.
What is even more troubling is that some "conservatives" are embracing the nationalization of one of America's largest corporations.
And they support the Fed's move to make the Sec. or the Treasury the King.
"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."
certainly not compassionate to your bank account!
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