1. the single barrier to first-time homeownership is high down payments
2. the second barrier to ownership is the lack of affordable housing.
3. the third problem is the fact that the rules are too complex.
-want to make sure the section 8 homeownership program is fully implemented. This program provides vouchers to first-time home buyers which they can use for down payments and/or mortgage payments.
a German philosopher who wrote Das Capital, which has one recurring theme: that enlightened self-interest, contrary to the writings of Adam Smith, is a destructive, exploitative force, rather than the force of good. "Capital is dead labour, that vampire-like, only lives by sucking living labour." Argued that the nature of capitalism is to monopolize labor resources and, in turn, exploit workers by earning profit on the surplus value that they generated.
5 prescriptions to save the world from capitalism (Marx)
1. abolition of property in land and application of all rents of land for public purposes
2. a heavy progressive or graduated income tax
3. abolition of all right to inheritance
4. confiscation of all the property of all emigrants and rebels
5. centralization of credit, the means of communication and transport in the hands of the state.
Karl Marx (cont'd)
-reviled the concept of economic liberty
-believed that the govnt should take away money and property to provide for the equality and security of the masses.
-believed that the employee-employer relationship generates a zero-sum game where the capitalists become better and better off a the expense of helpless workers.
-creator of the word capitalism
no central planning of markets. Markets are dynamic and ever-changing.
what the founding fathers believed to mean money spent only to proetect our rights and spending only on those categories specifically enumerated in article one, section 8.
the first one to spur socialism in America !
the prospect that a person or institution insulated from risk may behave differently from the way he/it would behave if he/it were fully exposed to the risk. Moral hazard arises because an individual or institution does not bear the full consequences of his/its actions, and therefore has a tendency to act less carefully than it otherwise would, leaving another party to bear some responsibility for the consequences of those actions.
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