Congress doesn't get it. The amendment below passed 418-3. We should remind ourselves that there is currently a glut in housing,
It is official: The U.S. is addicted to housing.
The bill is called the “Small Business Lending Fund Act of 2010,” and it would extend $30 billion to small banks to facilitate small-business lending. But the last minute amendment, which was sponsored by Democratic Reps. Brad Miller (N.C.), Joe Baca (Calif.) and Majority Leader Steny Hoyer (Md.), would allow builders to tap into the $30 billion to build more houses.
For more than two years, banks have practically shut off all financing to small and mid-size home builders as they pare back their exposure to construction and development loans.
Housing sales are down despite low interest rates and bargain prices, yet our leaders keep pumping that Keynesian chicken.
Fiscal responsibility is dead except in the private sector.
And if you wonder how Bob Etheridge intends to ultimately fund this boondoggle, the answer is that he finds it easy to pick the pockets of the unborn, being already accustomed to picking their lives through abortion.