A Quote by Dambisa Moyo
Ask most people who live in a home and have a mortgage on it whether they own their own home and the answer is almost guaranteed to be a resounding 'yes'. Yet it's the wrong answer. Technically speaking, until they have paid the mortgage off, they don't own it. Herein lies the difference between reality and illusion, between ownership and control. This confusion lies not only at the individual level, but also at the heart of government thinking.
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Lies 1: There is only the present and nothing to remember. Lies 2: Time is a straight line. Lies 3: The difference between the past and the futures is that one has happened while the other has not. Lies 4: We can only be in one place at a time. Lies 5: Any proposition that contains the word 'finite' (the world, the universe, experience, ourselves...) Lies 6: Reality as something which can be agreed upon. Lies 7: Reality is truth.
No one pushed harder than Congressman Barney Frank to force banks and other financial institutions to reduce their mortgage lending standards, in order to meet government-set goals for more home ownership. Those lower mortgage lending standards are at the heart of the increased riskiness of the mortgage market and of the collapse of Wall Street securities based on those risky mortgages.
I live in a Spanish-style hillside home in Los Angeles, California. I paid $900,000 in 1995. It's perhaps worth about $3m now. Thankfully, I paid off my mortgage before the crash because I could see it coming. I worried that I would be caught having to pay off a very high mortgage for a house I couldn't sell.
Los Angeles is the home of the three little white lies: "The Ferrari is paid for," "The mortgage is assumable," and "It's just a cold sore!
I know the answer! The answer lies within the heart of all mankind! The answer is twelve? I think I'm in the wrong building.
I think that most of the action in religion is around the home, is in families, and is in individual lives, and they can go on their own searches, watch their own TV shows, read their own books, form their own groups and discuss it, but that's where the action is - on the home front.
The right of ordinary citizens to possess weapons is the most extraordinary, most controversial, and least understood of those liberties secured by Englishmen and bequeathed to their American colonists. It lies at the very heart of the relationship between the individual and his fellows, and between the individual and his government.
To say that a writer's hold on reality is tenuous is an understatement-it's like saying the Titanic had a rough crossing. Writer's build their own realities, move into them and occasionally send letters home. The only difference between a writer and a crazy person is that a writer gets paid for it.
People think I watch TV too much, but they are wrong. There is a huge difference between merely "watching" TV and learning to respond aggressively to it. The difference, for most people, is the difference between the living and dying of their own brains.
Owning your own home is America's unique recipe for avoiding revolution and promoting pseudo-equality at the same time. To keep citizens puttering in their yards instead of sputtering on the barricades, the government has gladly deprived itself of billions in tax revenues by letting home owners deduct mortgage interest payments.
People can love their lies, tell their lies, believe their own lies until hell pays a visit.
Mothers know the difference between a broth and a consommé. And the difference between damask and chintz. And the difference between vinyl and Naugahyde. And the difference between a house and a home. And the difference between a romantic and a stalker. And the difference between a rock and a hard place.
My own personal preference is that the consumer, the individual person should be protected because individual people and the difference between individual people and the diversity we have between people on the planet is so important.
I would like to pilot a government-led scheme, alongside Help to Buy, to offer a loan to young people on a reasonable income to be able to pay the deposit on a new home and then swap their high rents for a mortgage and actually have a place of their own.
The paid-off home mortgage has taken the place of the BMW as the status symbol of choice.
I believe that people have a right to decide their own destinies; people own themselves. I also believe that, in a democracy, government exists because (and only so long as) individual citizens give it a temporary license to exist, in exchange for a promise that it will behave itself. In a democracy, you own the government. It doesn't own you.
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