Tuesday, April 01, 2008

Nice Hyperbole Senator Dodd

Nice Hyperbole Senator Dodd, but your context is all wrong.

Dodd said that about 8,000 homes are being foreclosed on every day.

"Foreclosures of this magnitude are on a par with the severity of foreclosures during the great Depression," Dodd said. "Each day without action means more are losing their homes."

80 years ago people were getting foreclosed though no actions of their own. The markets crashed, businesses went under, and the Great Plains were a dust bowl. Today, EVERYONE who is facing foreclosure is facing it because they made a bad gamble. They are facing it because they were ignorant, dumb or irresponsible. It’s a totally different situation. Everyone being foreclosed still has jobs and can still afford to rent. Eventually those people's credit will be good enough to own homes again. Unlike the plan Senator Dodd is proposing which will make it so that millions of people who currently don't own homes, will never be able to afford them, because prices will remain higher than should naturally be expected, given personal income levels and the cost of borrowing will be significantly higher. Brilliant strategy to forsake the future in favor of the present. Sort of how we got into this mess, no? Typical American ideology.

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