Mortgage derivatives are an affront as is this legislation. Go after Fannie and Freddy and Fanny Franks.
Another huge mess that will create all sorts of unintended consquences.
Oh but we’ll never have another recession again. Hahahaha Maybe we’ll just have one permanent recession - what else can be done to stretch out the misery? Oh yes, next lets drive up the cost of energy and force everyone into a union. Yeah, those are pretty good nails for the coffin. Happy days are here again!
Good. We have millions of empty houses already - let’s fill them first. We have MUCH MORE important uses for our capital than building more houses - such as building more power plants.
The idea that the only way to recover the economy is to repeat what got us into this mess is crazy - and if this bill stops that madness (even if that wasn’t the intent), then, maybe, we can seriously start a recovery.
“The result is that mortgage rates could surge as much as 3.5 percentage points from current rates, which, for a $200,000 mortgage, could result in another $10,000 getting tacked on to the cost of the loan,”
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I don’t have a financial calculator handy but that ten thousand dollar figure is ridiculous, it would be closer to ten thousand a year than ten thousand total as it seems to say. Just another example of carelessness, you have to go over everything with a fine toothed comb to try to figure out what is really meant.
Our current crop of “journalists” couldn’t have gotten past a seventh grade English test back in the fifties.