On The Bailout

Posted: September 8, 2008 in Economy, Headlines

“According to Temple University professor of economics William Dunkelberg, 96 percent of all mortgages are being paid on time. Thirty percent of American homeowners have no mortgage. Delinquency rates were higher in the 1980s than they are today. Only 2 percent to 3 percent of all mortgages are in foreclosure. The government bailout helps a few people at a huge cost to the rest of the economy. ” (source)

This was written back in January of this year in the Washington Times.

Stefan Swanepoel of Real Estate Trends wrote the same thing this year.

So the next time you hear someone in your political small talk amongst friends/co-workers complain about the housing market, show ’em these two articles, not the polls.

Now, let’s take a quick take on what the candidates are saying (from NYTimes.com)

Obama~

These entities are so big and they are so tied into the housing market that it is probably true that we have to take steps to make sure they don’t just collapse,” Mr. Obama told an audience in Terre Haute, Ind. But he added that the government needed to take steps to guard against Fannie Mae and Freddie Mac ultimately profiting from the government assistance.

McCain~

The chief economic adviser to Senator John McCain, Republican of Arizona, who has long been critical of the mortgage giants, said on Saturday that Mr. McCain considered it an unfortunate but necessary step.

Coming up next on CWN (Corporate Welfare Network)~

Detroit pushes for a $50-billion bailout

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Comments
  1. DarkStar says:

    Now they are saying 9%.

  2. wisa26 says:

    Hi, Friend
    Thanks a lot, and honestly
    This is my the first comment for your blog
    Love this the article! It Really useful post.

  3. a few more steps ’til the U.S. becomes completely socialist, then it’s smooth sailing from there on out

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