Posted on 02/02/2010 6:45:30 PM PST by TigerLikesRooster
Feb 1 2010, 9:00 am
by Daniel Indiviglio
Barney Frank: The Poor Should Rent, Not Own
In its final installment of the Big Think's "Went Went Wrong" Series on the financial crisis, they interviewed Financial Services Committee Chairman Barney Frank (D-MA). Much of the interview was predictable: Frank mostly explained what anyone closely following the financial regulation push in Congress already knew. But there was one fascinating gem in discussing where Fannie and Freddie went wrong. Frank views ushering the poor to own homes as a mistake and believes they should rent instead.
Frank was responding to the question about how Fannie and Freddie could be structured to avoid moral hazard and a too cozy relationship with the regulators. After stating that we should separate the liquidity creation function from the subsidy objective (which we already knew he supported), he said:
I think the answer is you separate out the function of providing the equity in general for the mortgage market and doing some subsidy and in my judgment, the subsidy again, as I said before, should be focused on affordable rental housing, not in pushing low income people into owning homes that they can't afford.
Can I get an "Amen!"? If someone cannot afford a house, they should not be encouraged to purchase a house. The logic couldn't be simpler. And yet, over the past decade it was utterly ignored. I've never understood why renting is viewed as so shameful or low class. I've rented my entire adult life. I once had a supervisor pushing 50-years-old with a wife and two kids that probably made over a million-dollars-per-year, and he still rented.
(Excerpt) Read more at business.theatlantic.com ...
P!
This clip does not contain the fullness of his philosophy on the issue.
He also believes that there should be two classes of people in American and in the world: the ruling elite and everyone else.
He further believes that “everyone else” should be poor and should not own their own homes or any other assets that may raise them to some class between the poor and the ruling elite — you know, some sort of an in-between or middling class.
His goal is for the totalitarian government to confiscate all assets owned by the non-ruling elite.
So, when he says the poor should rent, not own, and when the elitist tries to redefine the American dream as meaning that we should not own a home but live in one, he is talking about each and every one of us.
Sick Marxist bastards.
And every one of the FHA loans that get foreclosed upon...will become Sect 8 housing for non-profits.
This just means the Dems are getting ready to switch back to funding low rent housing projects. Cabrini Green here we come.
Abolition of property in land & application of all rents of land to public purposes.
Methinks he may use this as an excuse to go even further re: his & Obama's progressive agenda. After all, "we can't let a good crisis go to waste", or whatever the Rahm Emanuel statement was.
Jack Kemp was for the poor owning their living spaces, but it wasn’t to buy houses they couldn’t afford. He figured buy a small condo, and eventually, get something better, like my parents did, like I did.
People today wanted to start with the expensive mansions.
Sheeeze...was I ever wrong.
Bwaney was simply denying the past so as to give himself cover regarding Fannie and Freddie.
I can't believe that for a brief, fleeting moment, I thought that Bwaney, the Sodomite, might be capable of taking the high road.
As the video establishes...Fwank seeks only to exonerate his lies, abuses, and sodomy of the American financial system.
I hang my head in shame for thinking that such a deviant might ever be capable of an honorable act.
SnakeDoc
SnakeDoc
Please, don't throw him into that briar patch!
Wife and I rented a little 1200 sq ft bungalow when we were first married in ‘73. Cheap rent allowed us to save up for a new bed. We paid by check on our savings account.
Our son came into the world in 1976 and the dairy route driver (I know this dates me) set up an account to leave milk in the little cold box on the front porch step.
When we paid off this service and closed the account, we began to get bank and S&L mail, offering “preferred” rates on loans. That was the beginning.
Here come your new neighbors. Hope you like what happens to your already-battered property value.
Personally, I would rather have Vlad the Impaler move in next door than a Section 8 renter.
What Barney means by this is that the poor should be the landlords, and a new fannie/freddie needs to be setup at taxpayer expense to allow the poor to switch from owners, to owners that collect rent.
Cabrini Green was both cheap and expensive. The government managed it ~ with an enormous bureaucracy, plus the Daley machine took its toll.
Racist! He juss doan want no poe black folk be able buy no house!
Thas ok. Obama say he gone gimmee house an new car!
Doan need no damn wyatt boy Barney Frank tell me what do.
But he gone get mah vote nest lection since obama an mah union say so.
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