Obama's Insidious Plan to Hand the Entire Housing Industry Over to the Big Banks

02-20-2011 • alternet.org/

The proposal, originated by Treasury Secretary Timothy Geithner, involves nothing less than a total “winding down” of the 80-year-old federal housing program, setting instead a new goal of a two-tiered America in which the masses are content to be mere renters of the American Dream. Such a deal for a country where, as the report concedes, “Half of all renters spend more than a third of their income on housing, and a quarter spend more than half.” This is the same Geithner who during his tenure in the Clinton Treasury Department championed the total deregulation of the then-emerging market in collateralized debt obligations that sliced and diced people’s home mortgages into the toxic securities that created what his new report calls the greatest economic crisis since the Great Depression. Later, as president of the New York Fed, he cheered on the banks as they went hog-wild, conning folks into buying homes they couldn’t afford and stuffing them into the incomprehensible securities that form the rot at the core of our bankrupt economy. This is a made-in-the-U.S. nightmare that we inflicted on the world, thanks to an explosion in those toxic securities brought on by the deregulation that most of the Obama economic brain trust supported when they worked for President Bill Clinton and during the ensuing bubble years when they enriched themselves. As the report admits: “The U.S. is … the only high income country in which securitization plays a major role in housing finance.”

2 Comments in Response to Obama's Insidious Plan to Hand the Entire Housing Industry Over to the Big Banks

Comment by Don Duncan

Entered on: 2/20/2011 5:54:55 PM

Socialist bullshit! FDR's work was not undermined by evil men. It was just one more fascist plan that benefits the politicians and the elite they serve. Go to mises.org and get educated. Too lazy? Then get this: Freedom works, not gov., i.e., short of anarchy, we need a constitutional amendment that forbids gov to interfere in business, much like separation of church and state. I prefer anarchy because gov will always find a way to expand until it takes over. Perhaps if we had another amendment forbidding gov to interfere in education we could stop the creation of the "good citizen".

Comment by Hawkeye

Entered on: 2/20/2011 11:10:26 AM

So what?..... Do you really think an American will do anything about it.I mean! when they have a round of golf to play,a game to watch,or,take out the boat nothing else matters..not even their own country.....I`m Free..Don`t mess with me right now,OK?

Make a Comment (2) • Email Link • Send Letter to Editor