A Quote by Mark Zandi
The Tea Party was born out of the disgust many Americans felt early in the financial crisis upon learning that the federal government was even contemplating reducing the principal on some troubled mortgages.
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The similarities are limited but real. They amount to a shared disgust with politics as usual in America. The Tea Party focuses on the federal government; Occupy Wall Street focuses on corporate America and its influence over the government.
Millions of Americans were duped by the federal government and the Federal Reserve into buying homes they could not afford and failed to count the cost. When the financial crisis of 2008 hit, they could not keep up the monthly mortgage payments and defaulted.
The Tea Party grew out of indignation over the Wall Street bailout - an indignation shared by the vast majority of Americans. But the Tea Party ended up directing its ire at government rather than at big business and Wall Street.
I think part of the reason the Tea Party has resonated is that people feel disempowered. The Tea Party says, "You are out of power because of big government." Then some Democrats tend to respond by saying, "No, you're wrong, you're not out of power." It's a sense that doesn't resonate with people's lived experience.
The Democrats don't like the Tea Party because the Tea Party engineered their defeat. The Republicans, some members, don't like the Tea Party because the Tea Party illustrates what they have to do to win and they're not really comfortable with that.
Indeed, the FHA was born out of the Great Depression, which was also caused in significant part by a foreclosure crisis. Mortgages in the early 1930s were mostly three- to five-year 'bullet' loans, which did not amortize and were due in full at maturity.
I am asking my Attorney General to create a special unit of federal prosecutors and leading state attorneys general to expand our investigations into the abusive lending and packaging of risky mortgages that led to the housing crisis. This new unit will hold accountable those who broke the law, speed assistance to homeowners, and help turn the page on an era of recklessness that hurt so many Americans.
The Tea Party thing is only apt in some ways. The activism in the town halls, that looks superficially like it. But what the Tea Party did was, they went after the party, the Republican Party, as their vehicle. And parties is how you change history.
Not all Americans are living the American dream by a long shot. Many can't even imagine it. There are impoverished Americans, the poor and the homeless, the hungry and the hopeless, many unable to read and write. There are Americans gone astray, the kids dragged down by drugs, the shattered families, the teenage mothers struggling to cope. Then there are Americans uneasy, troubled and bewildered by the dizzying pace of change.
In response to the drop in wealth suffered as a consequence of the 2008 financial crisis, homeowners and firms did attempt to increase savings in financial assets by reducing expenditure on durables.
The tea party saved the Republican Party. In a broad sense, the tea party rescued it from being the fat, unhappy, querulous creature it had become, a party that didn't remember anymore why it existed, or what its historical purpose was. The tea party, with its energy and earnestness, restored the GOP to itself.
There is much to dislike about President Obama's approach to the financial crisis. But opposition, it seems, will have to come from somewhere other than conservatism. The party out of power is also a party out of touch.
The Tea Party movement is a wide and diverse group. It will hurt the Republican Party if some elements of the Tea Party decide to become third party advocates because it will split the conservative vote.
When the Federal government buys the mortgages, they're not spending it, they're investing it.
The Tea Party movement as I perceive it is all about recognizing the difference between state and federal powers. And that there are limits to federal power that need to be respected.
In many respects, I guess I would say I was into Tea Party before there was a Tea Party.
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