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Correction to the American Dream

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March 16, 2011 – Comments (2)

"Nin-Hai Tseng, PhD," who has a graduate degree in "international economic policy" from Columbia University and who lives in New York City, corrects our impression of what the American Dream should be:

http://finance.fortune.cnn.com/2011/03/15/homeownership-should-not-be-part-of-the-american-dream/

She thinks homeownership should not be available to those commoners who aspire to it. 

Thanks, Nin-Hai!  Your qualifications to advise us on these matters are impeccable.  I'm also quite certain those who make policy for America are listening to you.

Let's make sure banks' risks are curtailed and balance sheets are fortress-strong - I agree, this is the most important problem facing America today.  The easiest way to do this is to make sure policemen, nurses, teachers and firemen can never afford a home - and since that's the easiest way to do it, it must be right!

What on Earth are we waiting for!?!?? 

2 Comments – Post Your Own

#1) On March 16, 2011 at 7:49 PM, MegaEurope (< 20) wrote:

What's your counterproposal?  Make the standard down payment for qualified mortgages significantly less than 20%, and thereby guarantee future banking collapses?

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#2) On March 16, 2011 at 10:18 PM, ikkyu2 (98.50) wrote:

Oh, I think prime credit would be a start, but maybe not 20% down.  Better public transit, say trains with Wi-Fi, so that communities 50 miles from urban centers would be more affordable and yet still viable for the working class, would be another way to go about this.

Point being, there's a lot of ways to skin this cat.  Making sure the middle class can never own a home is easiest and best for bankers, but it is not best for America.  Making it possible for a family to own a home gives them a real stake in the success of their neighborhood and their society.  Making sure that they tithe 40% of their income to an absentee landlord as rent can also be the new American way, but it only takes a few trips through Harlem, Watts, Detroit, the South Side of Chicago, or similar; to understand what happens when no one feels like they have any stake in the place where they live.

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