Housing policy: pot, kettle, black
This Commie slags Bush for allowing high-risk mortgages in order to create more Republicans, and not doing enough to help borrowers, then turns around and supports all kinds of neo-New Deal intervention in the housing market...in order to create more Democrats.
It's not that he can't conceive of a government which doesn't take on the job of housing its citizens, because he cites the bad old days of half down and 10 years. But it doesn't occur to him that the last time we had a free market in mortgages, the country was on the gold standard, and that in today's inflationary environment, there'd be a lot more mortgage money competing for a home. And gods forbid that in today's instant-gratification world, people actually save for a house, that people buy a house that fits their income, or that "the rich" be allowed to pass on houses without estate tax.
Comments
Posted by: jeffrey smith
Posted on: July 20, 2007 05:07 PM
He also seems to miss the point that the reason these "NINJA" loans (new term to me) are high interest is because they are high risk.
And he thinks that high property values=high tax base=good thing, whereas as in fact high taxes are one of the reason the real estate market is losing gas. Remember my comment a few days ago about the property tax scheme in Florida?