The Obama administration is embracing failed economic policy – again.
According to The Washington Post, Obama’s economic team is urging banks to exploit taxpayer-backed programs and offer home loans to Americans with weak credit.
The culprit of the 2008 housing bubble – and subsequent financial collapse – was mindless federal policy. Using the guise of “maximizing home ownership,” Washington encouraged banks to extend home loans to individuals with poor standing or no proof of sustainable income. Government-sponsored institutions like Fannie Mae and Freddie Mac were free to gamble with risky loans, since their operations were propped up by your tax dollars.
Einstein defined insanity as: doing the same thing over and over again, expecting different results. Moving forward with the same failed policies of the past would be worse than reckless. It would be insane.
Send a message to President Obama, and tell him to stop gambling with taxpayer dollars!
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