In 2008, big banks lobbied hard, got cocky and created a crisis. Now, a different group is about to do the same, possibly on a LARGER scale. Here’s what it means for you…
Peter Reagan, April 11, 2017
Over the last election cycle, the financial sector distributed a staggering $2 billion in lobbying dollars to members of Congress – all to “influence decision making.” That’s an absurd $3.7 million for each member of Congress.
And who do you think the #1 contributor was? Goldman Sachs? Wells Fargo?
Nope. Mega banks didn’t even come close to matching the first name on the list: The National Association of Realtors (NAR).
Will Realtors Get Blamed for Our Next Crisis?
By spending $118 million to lobby Congress, the NAR is asking for the same treatment big banks got then – things like deregulation, handouts, and government subsidies. It’s shaping up to be 2008 all over again.
For example, the NAR wants Congress to “pay” it back for its lobbying dollars by inflating the housing market. And how will Congress do that? By dominating the mortgage industry, including guarantees on mortgage-backed securities (the same thing that got us into trouble in 2008).
The NAR seemingly doesn’t care if government manipulation of housing blows up the economy. To them, apparently all that matters are higher house prices and fatter commission checks for realtors.
Of course, these artificially high prices put homeowners at risk. That’s because there’s a limit to what politicians can do to prop up the already-inflated housing market; at some point, Congress will run out of tricks and the housing market will fall.
If Housing Collapses, Here’s What Could Happen to Gold
Real estate has their champion among the lobbyists. But gold, on the other hand, has no political champion. No one is giving money to politicians to inflate gold prices. If anything, some evidence suggests that gold prices have been manipulated to be artificially low.
That’s why – in the face of yet another crash in housing and the economy – thousands of Americans have been moving their retirement savings into gold, an asset that people run to en masse when things get tough.
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