Re: Greenspan sacrificed the economy to bolster bogus views on "property rights"

<ruetheday@[EMAIL PROTECTED]
> wrote in message 
news:f2e673fd-e06b-4e54-885e-160584ecb915@[EMAIL PROTECTED]
 Mar 22, 6:53 am, "sinister" <sinis...@[EMAIL PROTECTED]
> wrote:
> http://www.wa****ngtonpost.com/wp-dyn/content/article/2008/03/20/AR200...
>
> "But the former Fed chairman said that the subprime boom would boost
home
> owner****p and was 'worth the risk.' Greenspan said that 'protection of
> property rights, so critical to a market economy, requires a critical
mass
> of owners to sustain political sup****t.' "
>
> Of course, what would you expect from a Randoid?

> I always considered the homeowner****p rate statistic and the drive to
> boost it, a little flaky.  Particularly with the rise of negative
> amortization and interest only loans.  The "homeowner" is essentially
> a renter who pays his rent in the form of mortgage interest and pays
> it to a bank rather than a landlord.  The only real owner****p going on
> here is the bank's owner****p of the mortgage holder.

I assume you saw the re****ts that % of equity in homes has dropped to a
low.