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| Economy |
| Fannie Mae Owns Patent on Residential Cap & Trade Exchange |
| 2010-04-30 |
| . . . passage of the legislation would create an artificial, government-mandated, trillion-dollar carbon trading market that would drive up the price of energy, indirectly making housing more expensive. If the proprietary emissions trading system functions like other exchanges such as the New York Stock Exchange, which makes most of its revenue on listing and trading fees, its owners could see extremely generous profits, especially with a patent that keeps out competition for two decades. So Fannie Mae, a quasi-governmental entity whose congressionally mandated mission is to make housing more affordable, has been a behind-the-scenes participant in a carbon trading scheme that would do just the opposite. |
| Posted by:tipper |
| #2 The effect of Congressional housing policy has always been to create housing inflation. People think it's easier to get into a house because of all the exotic, sub-prime mortgages. But the fact that it's easier to get into a mortgage means more people are doing it. With increased demand the developers start charging exorbitant prices. They all talk about the need for more affordable housing but it seems they more they build the more expensive it gets. Next thing you know, the price of a house is a million dollars. Affordable, huh? Yeah, and I'm not exaggerating either. In my neighborhood people were asking far in excess of a million dollars for some of the new homes that were being built at the height of the boom. They were asking $1.3 million for condos. I don't know who was buying them. I was just glad I got in before it all got completely out of control. I can remember when a house across the street from the beach in Encinitas costs $63,000 and we thought that was sky high. Maybe you think I'm just old because I can remember the days before jimmuh carter. But it's inflation and the effect has been disastrous. You might say the road to hell is paved with good intentions but I don't give these politicians that much credit. I think they're all crooked. |
| Posted by: Ebbang Uluque6305 2010-04-30 11:59 |
| #1 There's a patent on stealing? Who would have known? |
| Posted by: JohnQC 2010-04-30 10:56 |