The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

And Yet, Whither The States?

Posted on | September 25, 2011 | 3 Comments

by Smitty

Insty points to a CNBC piece:

About 2.3 million homeowners could have refinanced their mortgages last year if they didn’t owe more than their homes were worth or if lending standards weren’t so strict, according to a Federal Reserve study released Thursday.

Housing is the second most egregious area of federal over-reach, after entitlements.

We will begin to see some hope for change when the source of the problem, federal over-reach, is properly understood. Those houses exist in states. If those states are too economically crippled to do much to affect their housing markets, then That Is A Problem.

No house I have ever heard of exists in more than one state. All of this federal housing involvement is a pile of crap. What GOP candidates are going to butcher the Fannie/Freddie sacred cows?

Rather, what GOP candidates are going to perpetuate this evil? Let’s figure that out right now, so that this blog can call those candidates the risible RINOs that they are.

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Comments

  • jefferson101

    Go tell it on the Mountain, Brother Smitty!

    We’ve got to get the Federal Government out of the Banking business, and the Automobile business.  Not to mention the Insurance Business, the Education Business, the Energy Business, and on and on and on.

    But killing Freddie and Fannie May is a good start.  It’s only a “good start”, in the same vein as “Ten lawyers on the bottom of the Ocean”, but it’s a start.

  • http://profiles.yahoo.com/u/EU5DQWQTTHTPO4A4ZYSL3AAV2U Adjoran

    Since Fannie and Freddie and the policies going back even before CRA to promote subprime lending were the main cause of the financial crisis of 2008 (with help from other insane legislation like Sarbanes-Oxley and the “mark to market” rule), I think getting rid of them would be an excellent start. 

    And if we cannot shut down these engines of deficit and default, these bloated bureaucracies dedicated to the propositions that the market exists to be manipulated, the laws of economics do not apply to them, and the best policy is always to throw good money after bad and encourage or force others to do likewise, we have little chance of clearing out the rest of the chaff in my lifetime.

  • Anonymous

    As a pay my bills (including my mortgage) and do the right thing kind of guy, nothing over the last few years out of Washington bothers me as much as the housing “crisis” and the BS being proposed to ameliorate the problem. Here is an idea for folks:
    1. Don’t buy what you can’t afford
    2. Pay for what you buy
    3. If you buy something and the re-sale value decreases who cares? You still have the item (house) you bought. That is referring to the under water mortgage nonsense. Who cares? You bought the house to live in. Live in it and pay for it eventually the housing market will improve enough that you will at least break even.
    The housing mess would have already mostly played out if our federal government hadn’t messed with it.