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Recommend Robert Reich - Why We Shouldn't Be Selling The Right To Live In America (Email)

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http://www.opednews.com/articles/Why-We-Shouldn-t-Be-Sellin-by-Robert-Reich-111024-82.html

October 24, 2011

By Robert Reich

America is having a fire sale. Why not sell wealthy foreigners the right to live here, too?

That's the notion behind a bill introduced last week by Republican Senator Mike Lee of Utah and Democrat Senator Charles Schumer of New York: Stoke demand for American homes by allowing foreign nationals to buy them. In return, give foreigners the right to live here (although not work here).

The price? At least $500,000 cash. It could be one piece of real estate costing $500,000 or more, or several, of one would have to be worth at least $250,000.

Presumably, this would help homeowners by boosting demand. "This is a way to create more demand without costing the federal government a nickel," Schumer told the Wall Street Journal.

And it would help the Street. Rather than have the big banks carry all those non-performing mortgage loans on their books or be forced to write them down, we'll just goose the housing market by selling off the right to live in America.


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