Americans are still asking, why are we in this current recession? What caused it? Some smart economists are finally admitting that the meltdown was started and is primarily the result of a liberal left agenda that was pushing the notion that housing is a fundamental human right. The socialist approach to the economy is to consider government a source of entitlements, and housing was added to the list in the early 1990s. The idea was promulgated by both Bush Administrations, by Democratic politicians including Congressman Barney Frank of Massachusetts and Senator Chris Dodd of Connecticut, by Bill and Hillary Clinton, by Clinton's Wall Street friends such as Robert Rubin, by bureaucrats such as Andrew Cuomo, and by the extortionist organizations called Operation PUSH and ACORN.
This fair-housing movement became an industry in itself, pushing banks to make more than $4 trillion in bad loans to people with bad credit, no steady jobs, no money for a down payment. Along the way, the movement even made getting credit a new civil right, turning Fannie Mae and Freddie Mac into a private piggy bank for some politicians and their pals. The real lesson of the Fannie-Freddie scandal is about what happens when government tries to rig the marketplace in favor of people who can't pay their bills.
Our U.S. Constitution is not based on entitlements or what the government can or should do for us. It is a document of what government cannot do to us.
I grew up during the Great Depression of the 1930s, and my parents never owned a house. The whole concept that someone should have tried to get them to buy a house they could not afford, or that home ownership would make them better citizens, is completely offensive to me. I do not think that taxpayers who do pay their bills and their mortgages should be forced to reward people who made the dishonest choice to buy a house they could not afford.
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