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Affordable Housing?

Discussion in 'Uncategorized Threads' started by crusha, Sep 30, 2008.

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  1. crusha

    crusha TS Member

    Jan 29, 1998
    After watching JBrooks' YouTube link, showing all the Congressional Black Caucus members defending Fannie Mae and Freddie Mac, and reflecting about it, I have reached a new conclusion:

    Barack Obama isn't going to be President. He's going to create a new title for himself: "Slumlord-in-Chief."

    It took this dumb hillbilly a while to put it together, but it's all very clear now: over the course of the past 15 years, Fannie Mae and Freddie Mac became the nation's de-facto Public Housing System.

    Think about it: "Housing Projects" are a losing proposition in America. They're eyesores. They erode a community's property values. They become centers of criminal activity. And, most importantly: nobody really gets rich off them.

    So here's a radical idea: let's put those people into _houses_ instead! Lower the requirements for qualifying for a mortgage, then start handing them out. The realtors will get rich...the loan originators will get rich...heck, everybody connected with the housing industry will get rich!

    But - there's one problem: the loans themselves would be terrible investments. Once they are originated, who will take possession of them, and administer them down the road? Wouldn't it be great, if there were a government entity that could handle this, sorta like HUD, but with a "free market" facade?

    Enter Fannie Mae and Freddie Mac.

    And enter Franklin Raines...the Congressional Black Caucus...and Barack Obama.

    It's perfect! You create not only one grateful constituency, in the people who get the risky loans, but several others: loan originators, realtors, home builders, insurance companies...everyone gets a piece of _this_ pie. And they will all lobby to protect it! It's the perfect self-perpetuating system. It can't be attacked on ideological grounds, because it increases home ownership and "affordable housing access."

    (Oops...never mind that they about took down the World economy in the process...just insert financial insolvency and Government Conservatorship here)

    Now, when Barack Obama becomes Presid...er, sorry, Slumlord-in-Chief...and appoints his Treasury Secretary (Franklin Raines? ex-CEO of Fannie and a member of his economic team?)...can you imagine the constituency base they can solidify for themselves, by owning half the mortgages in America?

    And how about this: what if we, the taxpayers, gave Obama and his soon-to-be-incoming Treasury Secretary (to be named later) $700 Billion Dollars? Can you just imagine how many more bad mortgages they could buy up?

    So, that's where I come up with the title, "Slumlord-in-Chief." You may not get your 40 Acres and a Mule; but we'll sure as heck keep a roof over your head, sucka.

    Yes, we can!

    (If you ever hoped to be alive at the exact moment when a brand-new, untouchable, third-rail-of-politics got created - take a good look at what is going on right here).
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