Monday, March 17, 2008

Socialist uses the unsophisticated or greedy as political point

Or, Same old, Same old.

Congressman Keith Ellison plans a tour of foreclosed homes in north Minneapolis today.

The Minnesota Democrat will be joined by Illinois Congressman Rahm Emanuel and New Jersey Congressman Donald Payne. State elected officials and housing advocates also will be on the tour.

Afterward the delegation will meet to discuss legislative and executive responses to the foreclosure crisis.

It's not a crisis, it's a correction. People who shouldn't have gotten mortgages, or at least mortgages as big as they were, are getting their houses foreclosed. People who can't make the payments according to the terms they agreed to, are getting their houses foreclosed. People who thought ARM means free money, so they refinanced their family's home, without regard to the future, are getting their homes foreclosed.

Let it happen. Don't slow it down, or things will get worse. It's like pulling off a band-aid. Do it fast and get it over with. When it's all done, the supply/demand equation will come back into balance and home prices can fall down to realistic levels. Then, maybe, some of these people will be able to afford to own a home.

Maybe this time, they'll read the mortgage papers before signing them.

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