Banking

What's in a Bill Name?, by US Rep. Ron Paul

Recently Congress passed the American Housing Rescue and Foreclosure Prevention Act., also known as the Housing Bill. Its passage was lauded by many who are legitimately concerned about foreclosures and the housing market in our country's economy. I was asked how I could vote against a bill to help American homeowners, but I found this bill to have more to do with helping big banks than helping average Americans.

The answer is that there is more to any bill than its name or the headlines surrounding it. If one only paid attention to bill titles, one could happily vote for almost any bill put to a vote on the floor. Titles do not tell the complete story of a bill's provisions, and many titles are downright deceptive and come close to emotional blackmail of legislators. But we cannot afford to be fooled by fancy titles. The housing bill could perhaps be more aptly named The Big Banking Bailout at Taxpayer Expense Act as large sections of it were written by big banking lobbyists according to Evans and Novak reporter Tim Carney's Capitol Hill sources. At least that title would be honest.

Peter Namtvedt's picture

Origins and Tragic End of Sub-Mortgages: It’s the Government, Stupid!

The “victims” of the real-estate bubble and sub prime mortgage crash, and the enemies of the free market would have us believe that “predatory lending” is the real problem. Guess again. Government and its regulations are behind it all.
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