Popper-in-Chief: President Obama Targets Asset Bubbles
At the end of July, the President Barack Obama outlined the first cornerstone of his vision for the American middle class at an Amazon (NASDAQ:AMZN) facility in Tennessee. During his speech, he emphasized that “a good job with good wages” is part of what it means to be middle class in the United States, and he advocated a policy that advanced the creation and maintenance of these jobs.
The next week, at Desert Vista High School in Phoenix, the president outlined the second cornerstone of his vision for the American middle class — “A home to call your own” — and proposed a series of steps to facilitate the housing recovery and guard against future crises.
“As home prices rise, we have to turn the page on the bubble-and-burst mentality that created this mess and build a housing system that’s rock solid and rewards responsibility for generations to come,” Obama said during his weekly address on August 10. “That means winding down the companies known and Fannie Mae and Freddie Mac, making sure private capital plays a bigger role in the mortgage market, and ending the era of expecting a bailout after your pursuit of profit puts the whole country at risk.”