Paulson Conspires with the National Association of Realtors to Pimp Housing Again
Either I was too tired last night when I first read this article, or it's been updated. Either way, I didn't notice this despicable example of bizarro-world lobbying.
Treasury officials said they were optimistic that subsidizing lower mortgage rates with taxpayer dollars would help revive the housing market, sources said...
A source said Treasury officials suggested at the meeting that the Realtors start a grass-roots campaign to press the mortgage rate plan with lawmakers.
Are you kidding me? Treasury is telling the lie-spewing National Association of Realtors that it needs to do more lobbying in order to give the 6-percent scalpers another shot at another taxpayer-funded real estate bailout? Before houses have even reached their historically normal price-to-rent or income-to-price ratios?
Idiots is too kind a word for people who think cheap money is the solution to the mess created by cheap money.