“Sen. McCain was a leading advocate of raising down-payment requirements on loans backed by the Federal Housing Administration and has warned against lending to homeowners who don't have enough of their own capital in the investment.”
“The Fannie-Freddie rescue has revealed differences between the campaigns over how they believe the next president should approach long-term reforms. Sen. McCain supports downsizing the companies, then selling them off, severing all ties to the government.”
I would go two steps further than McCain and entirely abolish:
1) Yet another FDR atrocity, the Federal Housing Administration (aka FHA).
2) Yet another LBJ atrocity, the US Department of Housing and Urban Development (aka HUD).
That would pretty much get the Federal Government entirely out of the business of housing (a place we desperately need to be). Since all local Housing Authorities are tied back to HUD, that would also eliminate that local scourge.
As the article notes, this topic was a glaring example of why the so-called “Compassionate Conservatism” of President Bush was nothing more than a kinder, gentler version of the hardcore Socialism promoted by Democrats.
Does that make President Bush equally culpable vis a vis Carter, Clinton and Obama (and FDR and LBJ)? Not by a long shot! Does it make President Bush a willful enabler of this enormously destructive Socialist stupidity? Yep! SHAME ON BUSH!
Today, by advocating for a $700 billion bailout of these utterly destructive institutions, President Bush has now REALLY “jumped the shark” on this topic. We would do FAR better to take our medicine now and FINALLY rid ourselves of these Democrat enriching killer parasites!
If we fail to do that, we will:
1) See the same sort of prolonged economic stagnation which afflicted Japan for so long.
2) Relive the EXACT same nightmare somewhere down the road.
3) Continue to repeatedly relive that nightmare until we rid ourselves of these utterly corrupt and entirely counterproductive Socialist parasites!
We BADLY need a President McCain to steer us away from the Socialist Abyss we are currently peering into! The LAST THING we need is a President Obama still “clinging” (pun intended) to his days as a so-called “public-interest lawyer” for the enormously destructive ACORN (a job title which Obama euphemistically refers to as “Community Organizer”).
Click here to read the primary post on this topic
(and all the rest).