Saturday, September 20, 2008

Barack Obama's Econ Adviser: Austan Goolsbee

I find it quite interesting that Barack Obama is blaming so many people in the Bush Administration for what is happening in the credit and housing markets. He's blaming McCain, too. But, his own economics adviser, Austan Goolsbee, wrote in 2005 (over three years ago): "If you want to make money off the housing bubble, you'll have to do it the old-fashioned way: Buy a place with a no-money-down mortgage and then flip it." Isn't that a responsible statement?! (See Full Story).

For years, like a lot of Democrats, Austan Goolsbee has been promoting low-income, no-money-down borrowing for home loans. A primary reason for the mess that we are now in. I think America should take a good, hard look at Obama and his economic ideas. Ideas and tax programs which are driven by a guy, Austan Goolsbee, who, apparently, thought it was fine to keep feeding the housing bubble until it burst. Now, we are all paying for that kind of philosophy. I just think Austan Goolsbee and Barack Obama aren't ready to lead this country. Unless, of course, total economic collapse is the goal!

One last point. It was obvious that Obama's economics adviser knew that a bubble was in progress in 2005. Did Barack Obama ever take the reigns of leadership to address this obviously explosive situation while being advised by Austan and while he was an active U.S. Senator? Not hardly! Maybe it was because Obama was too busy taking campaign money from the likes of housing giants like Freddie Mac and Fannie Mae! At least John McCain, the guy who according to Barack doesn't know anything about economics, had the sense to introduce a bill in the Senate to reign in both Freddie Mac and Fannie Mae. He did that in 2006 and, if passed in the Democratically-controlled Senate, it might have changed the course of history, today!

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