More than four years ago, President Obama assumed office promising dramatic reform to the housing market.
After all, it was the housing market that triggered the financial crisis, and the vast proliferation of low-quality loans that had fueled the housing bubble, state a piece in today’s The Atlantic.
“But politics delayed those reforms, and now the president is reopening the issue with a call to wind down the two main federal mortgage agencies, Fannie Mae and Freddie Mac. “For too long, these companies were allowed to make big profits buying mortgages, knowing that if their bets went bad, taxpayers would be left holding the bag,” the president said this week. “It was ‘heads we win, tails you lose.'”
“Well, not entirely. The U.S. government and taxpayers did rescue these agencies in 2009 (to the tune of nearly $200 billion), and, after injecting them with capital and essentially nationalizing them, these companies started to turn a profit as the housing market slowly recovered. This month, they contributed more than $15 billion to the U.S. Treasury, and have been one factor in sharply reducing government deficits.
“Even more, Obama’s targeting of Fannie and Freddie is part of a larger narrative — on both the left and the right — that banks and government colluded to produce the financial crisis and the continuing drag on the United States. To be fair, Obama in the same speech this week acknowledged that much of the housing crisis was the product of “banks and the government…[making] everyone feel like they had to own a home, even if they weren’t ready and didn’t have the payment.” But that chord is a decidedly minor one in a general atmosphere of blame. Continue reading “The “Ownership Society” downside”
The nation’s largest cardiovascular health organization has a new message for Americans: Owning a dog may protect you from heart disease.
The unusual message was contained in a scientific statement published on Thursday by the American Heart Association, which convened a panel of experts to review years of data on the cardiovascular benefits of owning a pet, reports the New York times: “The group concluded that owning a dog, in particular, was “probably associated” with a reduced risk of heart disease.
“People who own dogs certainly have more reason to get outside and take walks, and studies show that most owners form such close bonds with their pets that being in their presence blunts the owners’ reactions to stress and lowers their heart rate, said Dr. Glenn N. Levine, the head of the committee that wrote the statement.
“But most of the evidence is observational, which makes it impossible to rule out the prospect that people who are healthier and more active in the first place are simply more likely to bring a dog or cat into their home. Continue reading “The dog keeps you healthy”
The share of American households with guns has declined over the past four decades, a national survey shows, with some of the most surprising drops in the South and the Western mountain states, where guns are deeply embedded in the culture, reports the New York Times
“The gun ownership rate has fallen across a broad cross section of households since the early 1970s, according to data from the General Social Survey, a public opinion survey conducted every two years that asks a sample of American adults if they have guns at home, among other questions. Continue reading “Gun ownership lowest in 40 years”