HousingPANIC Stupid Question of the Day

Would the housing bubble (and now crash) have even happened if it were not for the Real Estate Industrial Complex's corruption of our public officials?

Here's a starter list - feel free to add to it..

* Mortgage interest tax break
* $250,000 / $500,000 cap gains exclusion
* No oversight of toxic lending
* No oversight of mortgage brokers, appraisers or realtors
* "Friends of Angelo" obvious bribery
* Rampant NAR, NAHB and NAMB PAC payola payments to corrupted Congressmen
* Eminent domain used to favor developers over property owners
* Politicians whose main asset is real estate attempting to put a floor under falling real estate prices with a massive taxpayer-funded housing bailout

Why are the Feds talking Mortgage Meltdown Bailout? Because the stench of the NAR and NAHB fills the halls of your corrupted Congress

Hey, what's that stench? Oh, it's just the REIC doing their thing.

Tax breaks for buying a home. No cap-gains tax on home sale proceeds. No oversight of mortgage brokers, realtors or lenders. And a corrupt REIC allowed to spin out of control by a corrupt Congress.

The realtors and home builders made this mess. Congress went along for the ride. And if there's a move in Congress for a REIC bailout, you'll know why.

Top 10 Political Action Committees 2006

#1. National Association of Realtors

According to OpenSecrets, the NAR PAC spent $3,752,005 in the 2006 campaign: 49% to Democrats and 51% to Republicans. They raised $1,716,960 in contributions of $200 or more. The Realtors Political Action Committee (RPAC) is one of the largest trade association PACs, dating to 1943. Issues of interest range from accessibility to wireless 411 directory.

#3. National Association of Home Builders

According to OpenSecrets, the National Association of Home Builders PAC spent $2,900,500 in the 2006 campaign: 26% went to Democrats and 72% to Republicans. They raised $3,526,927 in contributions of $200 or more.