LFTC - Housing's Charlie Brown Syndrome

Manhattan Institute scholar Steven Malanga calls "Obsessive Housing Disorder" the penchant for government to serially subsidize low-income housing ownership, leading to repeated bubbles and repeated crashes.  He offers an astonishing history dating back to Herbert Hoover and continuing today.  Basically, we subsidize home ownership as a part of the American Dream, and believe that people who are owners will be more likely to manage their property competently.  Politicians then push lending institutions to relax lending standards deemed unfair, r worse, in alter years, racist, etc.  Down-payments plummet, interest rates follow and, in worst case, as in 2004 - 2007, NINJA loans (No Income, No Job or Assets) are tossed out.  The Housing House of Cards then collapses, taking homeowners, lenders, owners of loan (mortgage) paper with it.  Read this brilliant historical exposition and analysis and weep.