Tuesday, October 5, 2010

Ponzi likes easy solutions everybody wants to hear.

In below video of 2002, GW Bush promotes home ownership for everyone. He is just another politician, promising money he does not have, promoting to look the other way in case of legal stuff, preparing the ground work for "moral hazard" and laying the foundation for the biggest depression the world will ever know.

He says:

  1. Down payments are too high: we will subsidize buyers with tax payer money via the new "American Dream Down Payment Fund."
  2. House prices are too high in inner cities: We will give tax cut, courtesy the American tax payer
  3. Fine print on the forms to buy a house makes people nervous: We can change the print!
  4. The goals is 5,5 million more minority home owners
  5. There is a commitment from all big lenders with 440 billion US$ (o,44 Trillion US$)
  6. Freddie Mac will start an initiative to eliminate 25 home ownership barriers
  7. So people with poor credit can get a loan to purchase a house
  8. I am serious about this. This is about empowering people
And no, Republican or Democrat: it will not make a difference.

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