Bill Beach Testifies Before Joint Economic Committee
Bill Beach, director of the Center for Data Analysis at The Heritage Foundation, makes his opening remarks before the Joint Economic Committee of Congress at a hearing about the economic stimulus package on Jan. 16, 2008.
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I agree completely. It is no mistake that housing prices are falling and millions are defaulting. It's an investment opportunity. Smart people are buying cheap property right now. It's exactly the same thing that happened at the business level in 1929.
Oh great, another economic "stimulus package" that we will end up paying for later. How about eliminating the IRS and the income tax and seeing how much that stimulates the economy! Ron Paul for president. Donate today!
The entire system is snowballing out of control. The combination of greedy mortgage brokers, greedy bankers and irresponsible or ignorant buyers has created a situation in which loans are being approved for as many people as humanly possible. Once the buyer has signed on the line, the broker collects his money and his hands are clean. Default or not, he gets paid and will suffer no consequence. Just be patient though, this has investment opportunity written all over it.
And who was it that told the mortgage companies to approve all these sub-prime loans?