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« Where Does the White House Really Stand re: the Public Option? | Main | Contractor Fraud: Driving up Medicare Costs by Billions »

October 24, 2009



Probing mortgage pushers, too, are they? Bawney Fwank loves a good pwobing. Fwank, the first House member to come out of the closet voluntarily, and also the first member of the House to be censured for providing the feces-smeared apartment out of which a gay boyfriend ran a gay prostitution ring, made these points clear on the floor of Congress on June 27, 2005, in support of the recognition of National Home Ownership Month:

"I think we have an excessive degree of concern right now about home ownership and its role in the economy. Obviously, speculation is never a good thing. But those who argue that housing prices are now at the point of a bubble seem to me to missing a very important point. Unlike previous examples we have had, where substantial excessive inflation of prices later caused some problems, we are talking here about an entity — home ownership, homes — where there is not the degree of leverage we have seen elsewhere. This is not the dot-com situation; we have problems with people having invested in business plans for which there was no reality. People building fiber-optic cable for which there was no need. Homes that are occupied may see an ebb and flow in the price at a certain percentage level, but you’re not going to see the collapse that you see when people talk about a bubble. And so, those of us on our committee in particular, will continue to push for home ownership."

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