Re: Greenspan sacrificed the economy to bolster bogus views on "property rights"


<ruetheday@xxxxxxxxxx> wrote in message
news:f2e673fd-e06b-4e54-885e-160584ecb915@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
On Mar 22, 6:53 am, "sinister" <sinis...@xxxxxxxxxxxxxx> wrote:
http://www.washingtonpost.com/wp-dyn/content/article/2008/03/20/AR200...

"But the former Fed chairman said that the subprime boom would boost home
ownership and was 'worth the risk.' Greenspan said that 'protection of
property rights, so critical to a market economy, requires a critical mass
of owners to sustain political support.' "

Of course, what would you expect from a Randoid?

I always considered the homeownership rate statistic and the drive to
boost it, a little flaky. Particularly with the rise of negative
amortization and interest only loans. The "homeowner" is essentially
a renter who pays his rent in the form of mortgage interest and pays
it to a bank rather than a landlord. The only real ownership going on
here is the bank's ownership of the mortgage holder.

I assume you saw the reports that % of equity in homes has dropped to a low.


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