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Attack on Former [Michigan] Governor George Romney

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reproduced from: Rattle With Us – Michigan Tea Party (Joe Baublis)

Michigan’s dearly departed former Governor – George Romney – faces political attack by Louis Hyman in The New York Times column “The House That George Romney Built”.  He is charged with negligence in his service as HUD secretary under President Nixon.   Hyman claims that although it was a “Democrat” – President Johnson – whose “National Housing Act of 1968” created the first “sub-prime” loans and the first mortgage-backed securities, it was Romney who “presided…enthusiastically” over the first sales despite malfeasance. 

In my opinion Mr. Romney, God rest his eternal soul, is entitled to a defense and the People of Michigan deserve to consider an alternative opinion.

Our nation’s government entered the housing business in 1934 under President Roosevelt by way of the Federal Housing Administration (FHA) to help finance homeownership.  In 1965, President Johnson elevated the FHA to a cabinet level by creating the Department of Housing and Urban Development. In 1968 Johnson created the Government National Mortgage Association (Ginnie Mae) in order to provide a federal guarantee of investments in mortgage-backed securities (MBS).   As such, each citizen became liable for all federal MBS.  Most mortgages were created under government programs like the Federal Housing Administration (FHA) and the Veterans Administration (VA). Eventually, worldwide groups invested in Ginnie-Mae securities because the US government guaranteed payment.  Massive volumes of capital flooded into our Nation and a housing “bubble” resulted.  So much investment capital was available that homeowners began securing non-real-estate investments to their home: cars, boats, vacations, jewelry, etc.  So much capital was available that interests rates and lending requirements (like a stable credit history) dropped.  The capital found it’s way into the Federal, State and local governments by way of taxes.  Growth rates were phenomenal, but not sustainable. 

Political operatives should not impugn George Romney merely because he was a HUD secretary from 1969-1973.  He was appointed to the position by the President and executed the laws that were created by our government.  The fact is he was also chairman of General Motors from 1954-1962 and Governor of Michigan from 1963-1969.  Michigan’s former Governor George Romney is now deceased and his eternal spirit must be left at peace.  As such, it is morally abhorrent for Hyman and the New York Times to disturb him with politics. 

 Hyman is wrong to assess “prosperity” in merely in terms of money, jobs or housing.  In Buddhism, prosperity is viewed in terms of spiritual enlightenment.  Furthermore, socialists will likely conceded the well-documented fact that financial status is not correlated to happiness.  As such, the Government’s constitutional role in securing happiness may not be found by promoting money, but rather by enhancing the original American spirit- freedom.   

 

[Editors note: This is, of course, an attempt (by the Times) to discredit MITT Romney by way of attacking his Father. Another old Leftist tactic. Class warfare (OWS), race-baiting, gender bias, sexual preference, stories are going to be the norm in order to divide and conquer in the name of getting Barack O'Blunder re-elected.]

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