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Hank
Joined: 27 Apr 2007
Posts: 37
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 Posted: Mon Apr 07, 2008 12:26 pm GMT Post subject: On Point - Housing Bubble Bail Out |
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Rep. Frank on On Point (WBUR) today at 10 to talk about his bailout.
90.9 on the FM, or you can listen to the online stream. |
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Hank
Joined: 27 Apr 2007
Posts: 37
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| Posted: Mon Apr 07, 2008 3:08 pm GMT Post subject: |
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Well that was interesting.
ON the plus side, I learned something new, which was to say that Rep. Frank did introduce legislation to regulate the types of loans prior to the aid bill for the lenders. |
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What is the real motive
Guest
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| Posted: Tue Apr 08, 2008 12:44 pm GMT Post subject: Re: On Point - Housing Bubble Bail Out |
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| Hank wrote: | Rep. Frank on On Point (WBUR) today at 10 to talk about his bailout.
90.9 on the FM, or you can listen to the online stream. |
While I have respect for some of BFs work, I dont know what to think about his housing bailout. the plans from Frank, Dodd, CLinton and Kerry seem like communism or stupidity. It is rewarding the foolish people who got themselves into trouble by their risk taking and punishing, via higher taxes, the prudent and cautious and hardworking people. It gets you into the ridiculous situation of people who are saving up to buy a house by the rules who will have to pay more taxes to keep people in the houses who should not have been there. These are smart politicians, so I tend to think they understand the dynamics and the inherent unfairness and are not motivated by compassion, but I fear by corruption and a desire to please the banking industry, that funds their re-election campaigns. This is not altruism, its self service above the common good. |
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samz
Joined: 19 Feb 2008
Posts: 102
Location: Medford, MA
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| Posted: Tue Apr 08, 2008 2:06 pm GMT Post subject: |
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I heard the Barney Frank interview yesterday, and I have to say it seemed pretty reasonable to me. Two things in particular stood out:
First, he doesn't want to prop-up prices, just allow them to come down more slowly. This makes a lot of sense because it accomplishes the goal (get the prices back in line with historical trends) without causing a crash.
Second, he's not proposing a taxpayer-funded bailout. The government is taking on some of the risk by backing risky mortgages, but the main goal is to get lenders to figure out a way to keep borrowers from defaulting.
The high-level point that he was making is that doing nothing and allowing the whole housing/mortgage market to implode is bad for everyone, even people who didn't participate in it at all. As frustrating as that is, it's in all of our best interests to avoid a total blood-bath. |
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