In a recent Sunday New York Times there was an article that should be read by everyone who is currently applying for the job of President of the United States. It was titled "From the New Deal, a Way out of a Mess", by Alan S. Blinder. (http://www.nytimes.com/2008/02/24/business/24view.html?_r=1&scp=1&sq=holc&st=nyt&oref=slogin)
It discusses a government agency created in 1933 to address a problem similar to one faced by many families today, foreclosure. The name of the agency was the Home Owners Loan Corporation, (HOLC). It provided help to families who were in danger of loosing their homes, by providing refinancing with more affordable loans. It provided this financing to home owners for a limited period of time. The agency even showed a small profit when it was dissolved in 1960.
This sounds like a program that directly addresses one of the fundamental problems in the economy today. The sub-prime mortgage crisis. If that is the case, why are we not hearing more discussion of programs and propositions like this? Good Question!
I suspect that it might represent to obvious a solution, to a problem that if we ignore can only become worse.
Please read it and think about it.
Thanks.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment