THE US Senate is presently putting together what reads like Obamacare for Mortgages, a fiendishly complicated bill that will privatize, yet super-regulate home mortgages -- with a ton of special subsidy programs to queer the whole thing into a nightmare. At least that's what the Wall Street Journal reports.
So the political elite hasn't learned from the Great Crash of 2008. And no wonder. Democrats have been indefatigable in blaming greedy bankers for the problem, rather than face the truth, that the deliberate federal policy to subsidize home mortgages forced bankers to extend loans to people that couldn't afford them. If you read The New York Times and listen to NPR you wouldn't have a clue about what really went down.
It gets worse. Here's a report on some focus groups of Option-ARM mortgage borrowers conducted for now-defunct Washington Mutual back in 2003. The borrowers really had no clue what they had signed up for, with low payments and negative amortization for now followed by huge increased payments later on. They knew they had a great deal -- for now -- but really weren't thinking too hard about what came later.
Christopher Chantrill is a writer and conservative, and author of Road to the Middle Class. He runs usgovernmentspending.com, the go-to resource for government finance data, is a frequent contributor to the American Thinker, and blogs regularly at Rare.us. He lives in Seattle, Washington ...
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First there was TARP at $700 billion and change. But did you know that the total financial bailout of 2008, in spending and guarantees, amounted to over $20 trillion?