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That's a cute story, but it does not explain the recent push to expand the "ownership society."

There is no reason that the "story" should "explain the push to expand the "ownership society." The story explains an honest attempt to create social stability by provision of a financial service by the government. The "ownership society" was a cynical attempt to extend and justify a developing real estate bubble that would produce economic results that would be politically useful in the short term, particularly the 2004 election.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Aug 27th, 2010 at 11:57:07 PM EST
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Migeru:
You live in the pwn3rship society.

(part of the ET's ClassicalTM Series)

The housing bubble has been indeed very useful: unlike the previous Internet bubble that only enrolled the stock owning people, housing bubble allows to enroll just about everyone. And this "wealth effect" was sorely needed to offset wages than have been stagnant or declining since "Morning in America".

by Bernard on Sat Aug 28th, 2010 at 04:18:50 AM EST
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Fanny and Freddie had not led to bubbles -- on their own. But in a prolonged low interest rate environment they ended up holding the bag for an enormous amount of fraudulent credit issuance, all disguised with self regulating lipstick and rouge.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat Aug 28th, 2010 at 11:25:29 AM EST
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