Bouncing Ball Politics
” For years, home ownership was a big “good thing” among both liberal Democrats like Congressman Barney Frank and Senator Christopher Dodd, on the one hand, and moderate Republicans like President George W. Bush on the other hand.
Raising the rate of home ownership was the big red bouncing ball that they pursued out into the street, in utter disregard of the dangers.
A political myth has been created that no one warned of those dangers. But among the many who did warn were yours truly in 2005, Fortune and Barron’s magazines in 2004 and Britain’s The Economist magazine in 2003. Warnings specifically about the dangerous roles of Fannie Mae and Freddie Mac were made by Federal Reserve Chairman Alan Greenspan in 2005 and by Secretary of the Treasury John W. Snow in 2003.
In pursuit of those higher home ownership rates, especially among low-income people and minorities, the many vast powers of the federal government — from the Federal Reserve to bank regulatory agencies and even the Department of Justice, which issued threats of anti-discrimination lawsuits — were used to force banks and other lenders to lower their standards for making mortgage loans.
What makes all this painfully ironic is that the latest data show that the rate of home ownership today is lower than it has been in 18 years. There was a rise of a few percentage points during the housing boom, but that was completely erased during the housing bust. Housing has been just one area where the bouncing ball approach to political decision-making has led the country into one disaster after another.”
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Tag Archive: Chris Dodd
Tax Deal Is A Victory For Hollywood Cronyism
” Whereas “you guys”—by which Matthews meant the good guys, the Hollywood liberals—donate to Obama “for cultural reasons because you share values with the president.”
“That’s exactly right,” Reiner said. “And it’s interesting. But the Hollywood community is the only donor base, as you call it, that would—that has no quid pro quo.”
Yes, it is interesting. It is interesting that Matthews and Reiner were so completely and totally ensconced in their blanket of self-righteousness that they never stopped to consider that “people on Wall Street and the business world, in Texas and around there,” might also donate to Republicans because they share Republican cultural values. ”
No Quid Pro Quo Here …
” The sordid details of the fiscal cliff bill are more difficult to ignore. Once again the “only donor base” that “has no quid pro quo” saw its quo multiply nicely. The tax break that allows film and television studios to expense millions of dollars if they operate within the United States costs around $300 million a year. It was set to expire at the end of 2012. However, the efforts of Chris Dodd at the Motion Picture Association of America and of other Hollywood minions ensured that American taxpayers would provide this subsidy to Katzenberg and Spielberg and Clooney and company for at least another two years.”
Only In Obamerika Do Those Clamoring Loudest For Tax Hikes Receive The Best Tax Breaks
” The Sunlight Foundation Reporting Group has the most comprehensive catalogue of the gifts included in the fiscal cliff bill for Obama’s favorite constituencies. There is the Production Tax Credit, which benefits the alternative energy industry and its liberal benefactors. There is the exemption for New York City bonds, which is intended to help the city recover from a terrorist attack that occurred 11 years ago but which also helped line the pockets of Goldman Sachs and the future members of Democratic administrations employed there. There is a tax credit for maintaining railroad tracks for which BNSF Railway lobbied intensely. BNSF is a subsidiary of Berkshire Hathaway, which is of course the conglomerate operated by the billionaire Democratic donor and oddball Warren Buffett.”
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