So now President Obama wants to spend money on creating low-cost housing? Uh, that's apartments, not "homes to own":
The idea is to pay for the construction of low-rise rental apartment buildings and town houses, as well as the purchase of foreclosed homes that can be refurbished and rented to low- and moderate-income families at affordable rates.
Uh huh. More housing units while we have a huge number vacant. That's dumb.
I got a smart idea (instead of this stupid one): Close the banks that have failed condo construction loans and seize the assets (via the FDIC.) Complete those with federal money and turn them into low-cost rentals. Screw the pool and weight room - fill the pool in and make it a garden and lease out the weight room space to retail (a small grocery store anyone?)
Oh, listen to Barney Frank lie:
“I’ve always said the American dream should be a home - not homeownership,’’ said Representative Barney Frank, chairman of the House Financial Services Committee and one of the earliest critics of the Bush administration’s push to put mortgages in the hands of low- and moderate-income people.
Not only did you fully support the idea of "home ownership for everyone" you also kept prattling on about how there was no housing bubble, there was no problem to come, and you in fact promoted this mess just two short years before it blew up in everyone's face!
LINK
Barney Frank is like all the morons that argued with Peter Schiff - actually mocked and laughed at him - back in 2005 regarding his comments about the real estate slide.
ReplyDeleteBTW, the real estate slide hasn't really happened yet. Just wait until interest rates go flying upward then you will see a real estate collapse especially in the commercial sector.
Barney couldn't have stopped it even if he had saw it coming. Banksters on the other hand should be kicked out. This mess will tear us down.
ReplyDeleteBarney Frankenstein.
ReplyDeleteThe reason why this video was shown is to show you, the public, that Government officials have NO IDEA how to run the government, give false information to the public, are NOT economists, cannot foresee economic disasters and should NOT be relied upon..BUT they do give (98% of the public) you false security, make you believe that their achievements are for YOU, make you believe it is GOOD for YOU, train your mind to believe that they are the only tool for your survival. The more these videos are shown, the more you can see the GOVERNMENTS agenda. DEBT SLAVES...Forever.
ReplyDeleteConspiracy freak above this post. Your meaningless life is not the result of an elite group of white men trying to control your life but your own bad choices and laziness.
ReplyDeleteditto anonymous 5:49!
ReplyDeleteSo what do you attribute YOUR meaningless life too, random crap?
ReplyDeleteThe intervention was originally intended to prevent bankers at the local level from red lining mortgages and loans.
ReplyDeleteIf the deal had been left at the local level, the local bankers and their clients would have resolved any mortgage problems at the local level. There would have been much less of a housing boom.
There was NO REASON FOR WALL STREET to amass and combine the local bank transactions into Asset Backed Securities, Mortgage Backed Securities, and other financial "innovations" that fueled a GLOBAL financial fraud and bubble that popped. Anyone listenting to George W Bush and dimwit former US Labor Secretary Elaine Chao would have known they missed the monthly US jobs creation target for 8 years. There was no way for mortgage payment to reset to higher payments, given the US jobs sent offshore.
Randomcrap allow me to rephrase everything in your favor. the Gov't has issued cheap credit so you can divulge yourself with stuff "you need" to keep the economy going. They issue money to the banks at a few percentage points so the Federal Reserve can make money off your great life and keep you in debt for life. They give BIG money to their friends in banks so they can get bigger stuff for their families. They then issued a report that the unemployment rate is 9-10% when it is really 15-20%, for your own good, of course. They exclaim that the recession is over, lower rates so you can indulge in the good life some more. The Gov't also trades the stock marker for your own good of course..
ReplyDeleteReligion's purpose for inmates is similar to conspiracy theories purpose for people with meaningless lives.
ReplyDeleteThere are those that can accept facts and there are those that cannot. Those that want to believe they control their own destinies, that authority figures are to be trusted, etc resort to the silly CT label. I wish the group think lemming mentality people the best. Remember there are some that cannot cope with reality.
ReplyDelete3 stages of truth are:
1. It is ridiculed
2. It is violently opposed
3. It is accepted
The average American sadly is at stage 1. Given enough time these people will eventually catch up.
The Rothschild bankers stole 100s of billions of dollars from the American taxpayer, actually make that trillions.
ReplyDeleteI am sure this didn't involve any plotting, planning, conspiracy or deceit on any level by a group of banking elite behind closed doors. I am sure politicians are not bought off to help accomplish these goals.
Nah, it just happens by random chance.
They are no elite bankers running the show. Couldn't be! Funny! Thanks for the comedy RC.
The definition of Conspiracy: two or more people meeting in secret to plan an illegal act. You really cannot use this legal term to describe the actions of the "banksters", since they acted in the open, and their actions are not "illegal," since they heavily influence (but not control) the law making and law enforcement. For example, read about the history of Genetically Modified Food in the book "Seeds of Destruction" by F William Engdahl. Rockerfeller, Ford, and Princeton elites collaborated to bring dangerous "genetically raped" foods into the market place. But look at the results - instead of recognizing the damage (i.e. family-farm holocaust, increased production costs, obesity, diabetes, allergies, compromised immunity) the dumb damn consumer sheep, Americans especially, only wanted more of the GMO sh*t food. The same thing is true of banking, and suburbian homes, car ownership, and petroleum dependence. They were all short term swindles with no future, and yet that is exactly what "consumers" wanted.
ReplyDeleteThe sheep are fat and ready for the harvest.
Those who do not willingly "surrender their wool" will either be thrown over the fence to the wolves, or be slaughtered and rendered.
Such is the tragic comedy of sheep.
If you want to understand the real deal behind the banksters, read this: "The Creature From Jekyll Island, A Second Look at the Federal Reserve" by G Edward Griffin.