...Option ARMS or subprime buy-to-let teaser mortgages, were not invented by the industry out of sheer cackling evil; they were invented because they were the only way to get the people into the houses, given how expensive property had become. This was, as Dean Baker keeps reminding us, a housing bubble first and foremost and a financial bubble second; we are in a recession basically because of the disppearance of a huge amount of household sector wealth.
There’s also an economic version of the same argument. The answer to the question “Hospitals, or bank bailouts?” is “deficit spending, you ass!”. Money for the banking sector bailouts hasn’t come out of the mouths of babes and Sure Start centres; the austerity measures were a specific and separable decision, made by people who ought to be held accountable for it.
All through the 1980s, when Jeb Bush ran the Bush Realty out of Miami at 1390 Brickell Ave. (before he ran Bush Codina Realty in 1992-1993), he represented himself to clients, banks, insurance companies and mortgage brokers as a licensed realtor. In fact Jeb Bush is not a licensed realtor in the State of Florida nor has he ever been.
His application for a realtor's license in the State of Florida was repeatedly rejected due to "outstanding criminal investigations of his business activities conducted by the Florida Department of Law Enforcement."
« Older PAX Primer in The Morning News.... | There's some fascinating engra... Newer »
This thread has been archived and is closed to new comments
Buy a Shirt