Sunday, October 09, 2011

This Week In Bubble History

"Low interest rates mean that people, for example, have got the capacity to refinance their home. And probably some of you all have done that. That's helped our economy. The Azels, who I met with today, Kelly and Dan -- by the way, he's got a scratch handicap. [Laughter]. I told him I needed a lesson or two. He said that they were able to take their first home -- they're newly wed, and the first thing they do is they buy a home, thanks to low interest rates. It's a fantastic way to start off your marriage. They then were able to refinance, which meant they could do some remodeling on their home. They paid off the loan on their car.

"Low interest rates has helped the American citizens. It's helped them buy a home. It's helped them refinance if they own a home. It's put more money in circulation, which is good for job creation. Low interest rates makes it easier to buy a home. And homeownership is at near-record highs, and that's good because we need to be an ownership society in America. We want people owning their own home. If you own your own home, you have a vital stake in the future of this country.

"And even though homeownership is at near-record highs, we've got too many of our fellow citizens who happen to be minorities who don't own a home. Seventy-five percent of the Anglos in America own a home. The minority homeownership in America is below 50 percent. And it seems like to me we've got to do something about it. If it's good for America that people own a home, we want people from all walks of life owning their own home.

"And so I let out a goal. I said over the next decade, we want there to be 5.5 million new minority homeowners. That's why Mel is here. He helped set the goal. He is going to help implement the Federal policy I'm about to describe to you about how to meet that goal. Last year, we did a pretty good job. There's now 809,000 new minority homeowners in America. And that's positive for the country. It's good for the economy. It's also good for the spirit of our country that more people are owning a home.

"But here are some of the things that we intend to do, and we discussed today earlier. Sometimes people have trouble finding the downpayment for a home. It makes them nervous when they hear the downpayment. We need to have a down-payment fund to help people with downpayments if they qualify. The Congress -- the House passed my request for $200 million a year. It's stuck in the Senate. The Senate needs to act. If they're interested in closing the minority homeowner-ship gap, they need to act on the downpayment fund.

"A lot of times, there are people -- think about buying a home, and they don't like the complexity. They don't understand what it means and how to buy a home. It's obviously a big deal when somebody purchases a home, but it's confusing. People get nervous about it. And so we need more counseling and more education to make sure our fellow citizens know what it means to buy a home and can get comfortable with the idea of buying a home. And so we've doubled the amount of money available for community-based programs, faith-based programs to be able to brief their parishioners and/or their fellow citizens about the opportunities and the hope and what it takes to be able to purchase a home.

"And finally, one other thing we're doing -- amongst many, by the way -- is simplifying the process to buy a home. A lot of people thinking about buying a home and all of a sudden they take a look at the fine print, and it kind of makes you nervous when you see a thick pile of paper with fine print. You're not exactly sure what you're buying into. So not only do we need to have counseling and education, but we've got to make sure the forms are more simple so that people know what they're doing. No, we're going to close this gap for the good of America."

-George W. Bush, October 15, 2003 in Dinuba, California -- per capital income of $11,566, and the epitome of the state's eventual housing meltdown.

The transcript notes the crowd's laughter. The howls of disapproval from today's GSE/CRA-blaming Right must have been edited out.


Blogger billmasi said...

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10/10/2011 11:34 AM  
Anonymous Anonymous said...

Awesome post, CR!

Heard that nitwit Bachman on C-SPAN tonight, jabbering at some herd of True Believers. My favorite piece of hilarity -- Bachman claims that as president she can simply shut down, by decree, the Dept. of Ed, the EPA, the usual list of bogeymen. But she can't do that for 'Obamacare'. The credulity and stone ignorance of right-wingers has to be seen to be believed.

I don't suppose it'll surprise anyone that Bachman never ever mentioned the words "George W. Bush". Nor did any of the Believers, from what I heard. Bush the Lesser is an unperson, his memory completely erased from Republican minds. Doubleplusgood.
-- sglover

10/11/2011 1:27 AM  
Anonymous Anonymous said...

What is amazing to me about this speech is how Bush so easily talks about the "benefits" of low interest rates..almost to the point of taking credit for them, as if the policy had been made in the White House. Unfortunately that might not have been too far-fetched in light what we now know about Alan Greenspan and the Fed in general.

10/11/2011 10:36 AM  
Blogger Thomas Daulton said...

Off topic, but... about that news story this week about how the US supposedly broke up an Iranian Revolutionary Guard plot to blow up the Saudi Ambassador, bomb the Israeli embassy and blow up half of Washington... does that strike anyone else as the "Reichstag Fire" type event that TCR has been warning about for years? Every news story I skim points out that this is not the typical modus operandi of the Revolutionary Guard, it was executed clumsily and easy to trace, they've never worked through these intermediaries before, etc...

Sounds like just the sort of thing to get the "Occupy Wall Street" protesters off of Goldman's lawn and waving signs at the White House again. Where they can be pigeonholed and dealt with safely.

If Obama pivots smoothly from his economics stance to his War Against Iran stance, I for one am going to consider the question settled, as to whether Obama was ever on the side of the 99% or not. Much too smooth a co-incidence.

10/12/2011 6:56 PM  
Anonymous Anonymous said...

Thanks for digging in the memory hole. I had recalled his trumpeting the "ownership society" and the direct link to minorities and the working poor, but I would not be able to find the speech.

Remember his sage advice post-9/11: "Go out and shop." Might that also have helped sell those refinancings? Making swimming in debt your patriotic duty is a real trick - but of course now nobody has any memory of all this. And he couldn't possibly have been carrying water for the banks such as Countrywide could he? Nope, it was all Fannie and Fred and a 30-year-old law.

Thanks again.

10/13/2011 6:18 AM  
Anonymous Kilfarsnar said...

@ Thomas Daulton:

When I first heard of the new terror plot I thought, "Ah, so they're prepping us for war with Iran." Yes, the whole thing smells fishy and is likely just propaganda. The FBI is good at setting these things up.

IMHO, our Reichstag Fire already happened a little over 10 years ago. But most do not believe that is possible, and it is not discussed in polite company.

10/13/2011 2:30 PM  
Blogger Montag said...

Once again, History pops up again to bite us on the behind with its cruel, ironical teeth.

10/14/2011 8:11 AM  
Blogger Thomas Daulton said...

Well, Kilfarsnar, I would be offended if anyone referred to me as "polite company", so you can discuss it if you want. But my main question was: are we the American public going to fall for this setup _again_, so soon? Another war, when we're so very broke and our country is falling apart at the seams? And will it wake up any of the sheep on the Left to realize it's a Democrat pulling the false flag manuver, instead of a Republican? If this is really the situation we find ourselves in, then the proverbial fork has already been stuck into this country. It's all over but the shouting.

10/14/2011 3:54 PM  
Anonymous KAIMU said...


I do not know anyone who want to go to War over a dead Saudi Ambassador, so I doubt Congress could muster any grassroots support for such nonsense.

Haven't they already bombed the Israeli Embassy somewhere once or twice? Not worth the C4!

Even less people would want to go to War over dead Congressmen! With a very low approval rating of just 13% it seems the Iranians might be in line for a Nobel Peace Prize for that stunt!

I think those Iranians would have to blow up DISNEYLAND by crashing a private plane into the Matterhorn killing Tinkerbell to get us into Iran!

10/17/2011 3:19 AM  
Anonymous KAIMU said...


George Bush ... We all miss your daily cokehead stand up act! Those were the days.

It's amazing how many bought and paid for losers have occupied the White House since the mid 1990s.

Clinton-Super sex addict and sax blowing pot smoking draft dodger.

Bush-Cokehead-boozer and draft dodger.

Obama-Vane Bush copy cat and Oprah worshipper. "O" meet "O"! If there was a draft I am sure he'd have dodged it too!

Not even a half a "spine" among them ...

Don't worry I didn't vote for any of them so I am not biased at all!

10/17/2011 3:41 AM  
Anonymous KAIMU said...


Instead of SUBPRIME it should have been SUBSBA. The application would have one question on it.


Would anyone in America line up for a loan to start a business? At least everyone who got a SUBSBA loan would have a job! With SUBPRIME all you got was a mortgage payment ...

Back in the mid 1990s when I applied at the SBA I had to prove I did not need a loan to get one, plus put up my home as collateral. No incentive there.

10/17/2011 3:50 AM  
Anonymous Kilfarsnar said...

Hi Mr. Daulton:

I'm sorry to have implied that you are polite company. ;-) I won't go into Truther stuff here. It's not the proper venue and it tends to end up in a morass anyway. You can't prove anything on a comment board! Suffice to say that the information is out there and one with a critical eye and open mind can generally separate the wheat from the chaff. I certainly don't believe everything I read on the Internet, but once you start looking at the details it becomes clear that there was some shady business afoot.

As for war with Iran, I agree that this incident will not drive us to that. As I understand it (could be wrong) the military brass are not at all enthusiastic about another front in the War on Terror. And no, the American People will not go for war to avenge the Saudi Ambassador. But I was informed that Iran recently opened their non-dollar oil bourse. There are some in DC that are pretty pissed about that, I'm sure. So this could be a warning.

Iran has long been demonized in the US media, rightly and wrongly. But they have always been characterized as using proxies for their evil deeds (like Hezbollah). Now they are implicated directly. That perception may be useful later.

So no, I don't think we are at the doorstep of war with Iran. But I do think this story's purpose is to "manage" the perceptions of the US public. Why do they still fall for it? I don't really know, but I suspect it is a defense mechanism. I think people don't want to come to grips with the idea that their government would lie to and manipulate them. People know it happens on some level. But they do not approach the news from that mindset. So although they know they have been lied to in the past, they don't think it is happening now, this instant. The alternative is to become a cynical bastard like me, and not really believe what they see on the national news. Once you're there it is easy to feel like you are adrift in a sea of uncertainty. That is really, really psychologically threatening for most people.

No, people must love Big Brother to some extent, because he provides them with certainty and stability. He protects them from a violent and uncertain world, and uses stories like this one to drive them further into his arms.

10/17/2011 2:35 PM  
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