And Government is still intervening and failing miserably, spectacularly and consistently. Come to think of it, the only consistency in the real estate market is that the government is consistency screwing things up.
But hey, why should we worry?
Look at Rep. Barney Frank, responding in 2005 to the question of whether the government’s push to increase home-ownership rates might result in people buying more home than they could afford and putting themselves in dire straits. The authors report: â€œFrank brushed off the questioner. â€˜We’ll deal with that problem if it happens,’ he barked.â€
Representative Barney Frank, who for more than two decades has been a member of the House committee charged with oversight of mortgage giants Fannie Mae and Freddie Mac, acknowledged yesterday that he recommended his live-in companion for a job at one of the housing agencies in the early 1990s at the same time Congress was writing legislation to improve oversight of the agency.