KERA Commentary: Let's Repeat The Past

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KERA Commentary: Let's Repeat The Past

From: KERA
Length: 00:02:56

Lessons from past history to avoid in dealing with the sub-prime mortgage crisis. Read the full description.

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Piece Description

Commentator and communications consultant Merrie Spaeth looks back at past failed government efforts to address financial and economic issues (taxes, S&L's, etc.)as examples of how NOT to deal with the sub-prime mortgage crisis.

Broadcast History

"Let's Repeat The Past" aired 12/19/2007 during Morning Edition on KERA 90.1 FM.

Transcript

When does a rescue produce the opposite result, hurting the very people it?s designed to help? Think of this as the law of unintended consequences, and it?s what will happen if congress ?helps? the million or so people at risk of losing their homes to foreclosure.

We?ve all seen the news that tens of thousands of cheap mortgages are resetting to higher interest rates. Recently the Bush Administration ?facilitated? an agreement among mortgage lenders and brokers to freeze the introductory interest rates for five years for some, but only some, borrowers who are at risk of foreclosure.

?Not enough!? cry a number of consumer groups and Members of Congress, primarily Democrats.

Let?s step back to the 1980s. The 1986 tax act dramatically changed the rules for bankers and mortgages. At the same time, Congress raised the amount insured by Federal Deposit Insurance from $40,000 to $100...
Read the full transcript

Timing and Cues

Intro: As Congress and the federal government try to address the sub-prime mortgage crisis, commentator Merrie Spaeth says a look back at the past would be in order.

Tag: Merrie Spaeth is a communciations consultant based in Dallas.