Remember my post from a week ago when I said I was not a Republican even though Ronald Reagan and Calvin Coolidge are two of my heroes?
Well, now I have another reason to despise the GOP. Those reprehensible statists just voted to expand federal housing subsidies.
Here are some excerpts from an excellent National Review column by Andrew McCarthy.
Almost two weeks ago, when they figured no one was watching, the Republican-dominated House of Representatives, by an overwhelming 292–121 margin, voted to increase funding for the Federal Housing Administration. Just as government debt hit $15 trillion, edging closer to 100 percent of GDP, these self-proclaimed scourges of spending decided Uncle Sam should continue subsidizing mini-mansion mortgage loans — up to nearly three-quarters of a million dollars. Given the straits that the mortgage crisis has left us in, to say nothing of the government’s central role in getting us there, one might think Republicans would be asking whether the government should be in the housing business at all. …the Republican House — installed by the Tea Party in a sea-change election to be the antidote to Obamanomics — decided the taxpayers should guarantee FHA loans up to $729,750. Had they not acted, the public obligation would have been reduced to “only” $625,500 per FHA loan — couldn’t have that, right? …thanks to GOP leadership’s good offices, this government mortgage guarantor now sports expanding portfolios, capital reserves acknowledged only in the breach, and the potential for hundreds of billions of dollars in losses. …If Republicans really thought the growth of government was unsustainable, they’d stop growing it.
I complained last month when 8 Republican senators voted to expand housing subsidies via Fannie and Freddie. Well, 17 GOP senators voted for destructive FHA subsidies, along with 133 Republican representatives.
So let’s recap. Everyone knows that government intervention caused the housing crisis, which is why Republicans should be voting to shut down the Department of Housing and Urban Development and enacting legislation to get government out of the housing sector.
But they decided instead that campaign loot from the corrupt housing lobbies was more important than doing the right thing.
[…] the two cronyist firms are now somewhat constrained. They can’t lobby, for instance (though Republicans and Democrats still seek to expand subsidies in response to campaign cash from other […]
[…] in the wrong direction. The Obama Administration has pushed for more risky housing handouts, often aided and abetted by Republicans who care more about pleasing lobbyists rather than protecting […]
[…] in the wrong direction. The Obama Administration has pushed for more risky housing handouts, often aided and abetted by Republicans who care more about pleasing lobbyists rather than protecting […]
[…] Heck, just look at the new farm bill. Or the vote on the Export-Import Bank. Or the vote on housing subsidies. Or…well, you get the […]
[…] Even though it changed the terms of the political debate, thus giving them a majority in the 2010 elections, many in the Republican establishment deeply resent the Tea Party. They don’t like being monitored by taxpayer-friendly groups that will expose them when they side with special interests (as they have in recent months on Export-Import Bank subsides and housing handouts). […]
[…] Even though it changed the terms of the political debate, thus giving them a majority in the 2010 elections, many in the Republican establishment deeply resent the Tea Party. They don’t like being monitored by taxpayer-friendly groups that will expose them when they side with special interests (as they have in recent months on Export-Import Bank subsides and housing handouts). […]
[…] succeed if Republicans genuinely want to fight for smaller government. And as we saw from votes on housing handouts, pork-barrel spending, and corporate welfare, the GOP oftentimes is part of the […]
[…] Some folks think capitalism and cronyism are the same thing. I try to show them that there is no role for corrupt favoritism in a genuine free market, which is why it is doubly counterproductive when Republicans support policies and programs such as TARP, the Export-Import Bank, agriculture subsidies, and Fannie Mae/Freddie Mac handouts. […]
[…] Republicans have boosted subsidies for housing. […]
Important article. Thanks. My guy, Coffman, whose district has been gerrymandered against him, voted against.
[…] Pay close attention to this issue. When the votes happen, you’ll be able to tell which Republicans understand the difference between free markets and cronyism – much as a pair of votes last year showed which Republicans believed in free markets instead of government subsidies for well-heeled ho…. […]
[…] the difference between free markets and cronyism – much as a pair of votes last year showed which Republicans believed in free markets instead of government subsidies for well-heeled ho…. Rate this: Share this:PrintEmailFacebookTwitterMoredeliciousDiggFarkLinkedInRedditStumbleUponLike […]
Here’s an idea that everyone could get on board with:
For all the ‘HUD Huts’ out there, give the occupants the deeds/titles. No more subsidies. We, as American tax payers, have already paid for these dwellings.
Once done, shut down HUD. Shouldn’t take more than a year to do.
Dan, you’re right, the Republicans are despicable and corrupt. At least Democrats are up front about wanting bigger government and more centralized power.
Excellent Post
Confrontation today on the same subject you posted 2 hrs. ago earlier today
Gentleman stated we want our F**king country back making it clear I heard him, because I was the only Nigger preparing to board a flight back to China from O’Hara. I ignored him at the bar while having a cocktail. OK 2 Martini’s
Knowing this idiot was going to be on the same flight, I was asked would I like to catch another flight since I fly out of O’Hara to China since working on a project I’ve created for OWN Network. I declined.
I addressed the gentleman’s comment stating I’m glad to see you’re fighting for an unjust cause what America has done to the true people of this country and what tribal history are you? Are you Iroquois, Seminole, Cherokee, or Seminole?
He took another flight.
My point: This is what stupid people are thinking and they’re the minorities
Who benefits from this? I mean really who is on the receiving end of this gift?
Mine voted NO. Proud day.
If we can’t get the GOP to do what’s right, Obama should have no trouble getting reelected along with all the Democratic senators. Who or what is holding the GOP in check? The Tea Party isn’t doing it. And the last thing we need is a third party initiative to help BO and cronies to win.
I hate when my congressman (GT Thompson) says one thing to my face, “I am working very hard to reduce the deficit.” and then doing another thing by voting for this bill along with so many others.