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Jun 30 2018

Will the Great Recession Be Brought Back from Its Grave?

You know what happens to those who not remember the past. It seems as if some have already forgotten the Great Recession, which was set off by Big Government trying to apply Affirmative Action to mortgages by making them too easy to obtain:

Low down payment mortgages are creeping their way back into the market like a cat sneaking up on an unsuspecting mouse. The only difference here is that the mouse is a million dollar crap shack with a 30-year mortgage attached to it. People forget that Freddie Mac and Fannie Mae, the massive Government Sponsored Entities were nationalized U.S.S.R. style during the Great Recession. Now that times are good all caution is being thrown into the wind and we are setting up the stage for Irrational Exuberance Part II. The U.S. economy is built for boom and bust cycles. Massive credit expansion is occurring and while people are working, their dollars are not stretching as far as they would expect. … So now we have Freddie Mac attempting to push 3% down mortgages on a much larger scale since many people are priced out. What can possibly go wrong?

Not much could go wrong from the perspective of the progressives who populate the federal bureaucracy. Maybe they do remember the Great Recession but learned the wrong lesson from it. The last housing collapse brought the Moonbat Messiah to power. Given the radicalization of the Democrat Party, who knows what the next one might accomplish?

Freddie Mac calls its 3% down mortgage program for people who can’t afford homes “Home Possible Advantage.” If it helps crash the economy during a Republican administration like last time, the advantage will be to Democrats.

On a tip from R F.



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