"I believe the intent of the FTHB [first time home buyer] credit (and any extensions) is to raise the floor on home prices to delay (and sometimes prevent) defaults, reducing the shock to the financial system."
Essentially, Barney Frank is saying that it's okay to make money-losing loans using taxpayer money in order to sustain the housing bubble. I'm not sure how Barney Frank manages to keep his Congressional seat. Do people in Massachusetts believe that its okay to toss bales of money into the water off of Chappaquiddick Island instead of bodies? I don't know if I should send Barney a thank-you note for supporting policies that make gold go a lot higher, or shudder with fear from the knowledge that complete idiots are running our Government.
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