tag:blogger.com,1999:blog-1110014885778996459.post4286413659359360130..comments2024-03-28T08:45:53.564-07:00Comments on Idiosyncratic Whisk: Housing Tax Policy, A Series: Part 46 - GSE's and the Housing BubbleKevin Erdmannhttp://www.blogger.com/profile/07431566729667544886noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-1110014885778996459.post-34494085325305740612019-04-10T05:14:17.984-07:002019-04-10T05:14:17.984-07:00residential landscaping perth<a href="http://www.newgrowth.com.au/" rel="nofollow">residential landscaping perth</a>Artificial Flowerhttps://www.blogger.com/profile/07756239004301970881noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-67376113446040197572015-07-31T14:58:29.451-07:002015-07-31T14:58:29.451-07:00Goal #1: NGDPLT. Head and shoulders importance ...Goal #1: NGDPLT. Head and shoulders importance over winding down the GSEs.<br />Goal #2: Much higher equity requirements for the banks. <br />#3, maybe: FDIC coverage of 98% instead of 100% for deposits over $10,000. <br />And I'd still like to wind down the GSEs. Especially the whole semi-private mishagas we had prior to Sept 2008. <br />billhttps://www.blogger.com/profile/13479694656531252175noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-62007697352774174012015-07-31T07:25:37.715-07:002015-07-31T07:25:37.715-07:00You know, I agree with you about all of that, and ...You know, I agree with you about all of that, and I thought we should get rid of them too. I also think we should have some version of free banking and eliminate the government monopoly on currency management. But, I think I've changed my mind about the GSEs. If we are going to have the Fed exercising discretionary power over the currency, then the banks are basically institutions that are naturally short the dollar. Their main vulnerability is to a value that the government has monopoly power over. Given that, then I think there should be a mechanism that allows the banks to put that risk back on the taxpayer. I realize that this would never be an acceptable political position, but morally and practically, it seems like the only reasonable framework to me. Possibly this would be unnecessary under a NGDPLT policy.Kevin Erdmannhttps://www.blogger.com/profile/07431566729667544886noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-71252037824001222902015-07-31T05:28:54.923-07:002015-07-31T05:28:54.923-07:00Very well argued case that the GSEs didn't cau...Very well argued case that the GSEs didn't cause the "bubble". <br />I still think we should be winding down Fannie and Freddie. The argument for their existence was always that they increased the amount of credit available for housing and that housing was an important goal for us to subsidize. I didn't believe that home ownership should be subsidized, and now we know that Fannie and Freddie aren't really increasing the amount of credit available, but are displacing private credit. I found the availability of commercial credit, the role of CMBS and the same pricing dynamics in CRE to be telling.billhttps://www.blogger.com/profile/13479694656531252175noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-75439911148082685382015-07-25T20:46:49.553-07:002015-07-25T20:46:49.553-07:00You cannot put up a 60-story condo tower in any co...You cannot put up a 60-story condo tower in any coastal city in CA, whether GOP or D controlled. <br />As a result, the middle class has been pushed into the Inland Empire, where it is a 110 in summer.<br />I keep hoping a pro-business pro-growth political party emergrs...Benjamin Colehttps://www.blogger.com/profile/14001038338873263877noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-7075231139981685802015-07-25T00:39:09.465-07:002015-07-25T00:39:09.465-07:00Yes, unfortunately. And, I probably don't giv...Yes, unfortunately. And, I probably don't give enough attention in my posts to your point that some of this is just as bad in the conservative suburbs as it is in the progressive core cities. I think partly it's just because the urban progressives are so vocal and outrageous about their prejudices whereas the suburban limits happen quietly in small committee meetings. They both, essentially say, "We don't want those people to move into our neighborhoods.", but the progressives are shameless enough to put it on a poster and march around outside city hall pounding their chests about it.Kevin Erdmannhttps://www.blogger.com/profile/07431566729667544886noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-26575593984905899242015-07-25T00:28:28.637-07:002015-07-25T00:28:28.637-07:00For a long time I have mentioned the commercial re...For a long time I have mentioned the commercial real estate bust---thanks for bringing it up.<br /><br />It is remarkable to think that the American right has become anti-housing and regards any stock market increase as a bubble and forever wants ultra-tight money.<br /><br />The narrative that desirable neighborhoods do not want condo towers and that is a major reason for housing inflation is not one that will generate any traction on the American right.<br /><br />So this is the new standard: the stock market should be depressed, and homeownership rates should fall. <br /><br />Not very appealing...Benjamin Colehttps://www.blogger.com/profile/14001038338873263877noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-84191923545294148002015-07-24T13:02:45.976-07:002015-07-24T13:02:45.976-07:00Thanks, Ken. I appreciate the input.Thanks, Ken. I appreciate the input.Kevin Erdmannhttps://www.blogger.com/profile/07431566729667544886noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-54465867405050695072015-07-24T12:55:24.474-07:002015-07-24T12:55:24.474-07:00This is your best takedown of the bubble story I h...This is your best takedown of the bubble story I have seen. The points about commercial real estate are compelling. (Of course, I already agreed with you, so maybe just more confirmation bias on my part :-)<br /><br /> -Ken<br />Kenneth Dudahttps://www.blogger.com/profile/10593455504357461005noreply@blogger.com