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    • Week-end Wrap – Political Economy – December 15, 2019
      Week-end Wrap – Political Economy – December 15, 2019 by Tony Wikrent Economics Action Group, North Carolina Democratic Party Progressive Caucus Strategic Political Economy The Economy of Evil [Historicly, via Naked Capitalism 12-11-19] Benito Mussolini became Prime Minister in October 1922. Nazis rose to power in 1933 in Germany. Mussolini convened a meetin […]
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Obama is the worst president of my lifetime

Obama makes home ownership a thing of the past

Hyperbolic?  You be the judge.  Administration calls for cutting aid to homebuyers:

The Obama administration’s much-anticipated report on redesigning the government’s role in housing finance, published Friday, is not solely a proposal to dissolve the unpopular finance companies Fannie Mae and Freddie Mac.

Treasury Secretary Timothy Geithner said closing Fannie Mae and Freddie Mac might take five to seven years.

It is also a more audacious call for the federal government to cut back its broadly popular, long-running campaign to help Americans own homes. The three ideas that the report outlines for replacing Fannie and Freddie all would raise the cost of mortgage loans and push homeownership beyond the reach of some families.

That fact is already generating opposition in Congress and among groups like community banks and consumer advocates.

But administration officials said they had concluded the country could no longer afford to sustain its commitment to minting homeowners. Better to help some people rent

What is more sickening?  That this president who had everything going for him when he came into office would betray the American people like he has or that the gullible left put him in charge because they got all snooty over Bill Clinton’s comparatively reasonable welfare reform?

Read the whole thing.  It will make your blood boil.  What would make anyone want to buy a house after this?  How will current homeowners sell in the future?  What will developers buildinstead?  Highrises?  Will you only be able to rent your three bedroom house with all the restrictions on making structural changes and painting the walls?  Will a greater number of Americans be subject to landlords and evictions, fees and arbitrary rent increases?  Will their rental rights and property rights be protected and respected?  Who will enforce that?    What nutcase thought this was a good idea??

And what does it say for Obama’s attitude towards the middle class that he expects that we won’t be able to afford houses in the future?  What does he know and when did he know it?  Who are his friends?  What are they talking about behind our backs?  We better find out.