Tuesday, March 18, 2008
I would like to propose the following reasonable step to fix the housing market, and in turn the mortgage backed securities market, and the general economy:
Pass a law allowing X number of foreigners to get an immediate green-card and expedited citizenship if they come and buy a house.
The increased demand for housing would stabilize prices, and as we know, it's the deflationary aspect that's really hurting us right now, as people refrain from purchasing with the expectation of lower prices in the future. The other proposed solutions would require huge taxpayer bailouts, or the trampling of contract and property rights, and probably wouldn't work anyway, since they would have no effect on prices.
Senator Clinton is like a modern day Canute, who thinks she can just legislate the tides of the housing market to obey.
Pass a law allowing X number of foreigners to get an immediate green-card and expedited citizenship if they come and buy a house.
The increased demand for housing would stabilize prices, and as we know, it's the deflationary aspect that's really hurting us right now, as people refrain from purchasing with the expectation of lower prices in the future. The other proposed solutions would require huge taxpayer bailouts, or the trampling of contract and property rights, and probably wouldn't work anyway, since they would have no effect on prices.
Senator Clinton is like a modern day Canute, who thinks she can just legislate the tides of the housing market to obey.
"There's a long list of what I would've done" about the housing crisis, New York Sen. Clinton told reporters. She mentioned proposals to place a 90-day moratorium on home foreclosures, an interest-rate freeze on adjustable-rate mortgages and an expansion of the Federal Housing Administration.
