When the last of Glass-Steagall (G-S) was repealed not only was Wall Street allowed to mix risky, any damn thing they can create and sell, with less risky investments, read: mortgages, they also were able to eliminate the boring, read: affordable, Savings and Loan (S&L) financial institutions. This allowed Wall Street to access, read: dominate, the biggest financial transactions most folks will ever make: home mortgages.
To get living indoors back to where most people can afford it will require a return of, something similar to, G-S, S&L and Postal (state) Banking.
My 23 year old house has gained, in price, over 100% of the cost to build it. We can't cash in on that value, because we (wife and I) would still need to purchase or rent another, overvalued, place to live.
My son, an engineer, and his wife, a registered nurse, can't buy a home in California, because they can't afford it! So, they pay ludicrously high rent; more than twice the monthly mortgage payment I pay in Texas.
The aforementioned is ridiculous, and can only be fixed by progressive Democrats restoring regulation to mortgage lending; reduced home prices and mortgage payments will force down apartment rents to prevent all the tenants from leaving.
That's why I am running for state House of Representatives in Texas and supporting Democrats running for office nation wide.
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