The Biden administration is doing everything in its power to ensure that Americans can “be happy owning nothing.”
The company’s latest tactic is to increase consumer debt spending through second mortgages, which seems more about buying votes ahead of the election than helping Americans.
Carol Ross, author of “You Will Own Nothing,” believes Americans need to be warned.
“It’s arsonists who burn down houses, and then they come with a bottle of water and say, ‘Hey, we’ll help you put out the fire and rebuild,’ and it’s frustrating,” Ross said. Glenn Beck Before I explain what the government is currently doing.
“Freddie Mac came up with this great idea because people have a lot of equity in their homes, and we went ahead and offered second mortgages,” Ross says, “But you can’t buy a home with a second mortgage. It’s a consumer loan. People are taking money out of their homes and spending it on whatever. And that equity is a recognized asset.”
Homeowners, on the other hand, have no guarantees because they are not turning their home into cash or selling it.
Ross believes second mortgages will “take away people’s wealth and ownership and squander it on all sorts of things.”
“That’s what will happen,” Glenn agreed, noting that people will use it to pay off credit cards with 25% interest rates to take advantage of 9% mortgage rates.
“Obviously, if you can use other funds to pay down the 25% and put down ownership, that’s preferable,” Ross said. “I think we have to ask ourselves a couple of questions here. Number one, why should taxpayers suddenly have to guarantee consumer loans? Why would you want to encourage consumer debt spending, especially in times of inflation?”
“And why would we want people to have less ownership and less property value in their homes?” she added.
Both Glenn and Ross believe this has a lot to do with the 2024 elections.
“All of this gives the appearance that the economy is doing well,” Ross explains, but if these programs are implemented as Biden plans, the economy will be much further from actually doing well.
“Inflation is going to be crazy next year,” Glenn said, and Ross agreed, noting that such programs “helped spark the Great Recession/financial crisis.”
“I’m really excited that taxpayers are backing consumer loans,” she continues. “Instead of backing first mortgages, they’re now backing consumer loans. That’s fantastic. I’m really happy the government wants to get in on this.”
Want to know more about Glenn Beck?
To enjoy more of Glenn’s masterful storytelling, thought-provoking analysis, and uncanny ability to make sense of chaos, Subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution, and live the American Dream.
