Not surprisingly, Michelle Malkin has her knickers in a twist over this, and without thinking about it I would too; but I think there may be merit to the idea. The proximate trigger for our current economic meltdown was the bursting of the housing bubble. At this point, most of the “toxic” assets plaguing lenders is nonperforming real estate mortgages, because people are walking away from those that are upside down.
I have heard that there are over a million houses on the market with no buyers. A classic oversupply that has deflated the value of everyone’s real estate holdings. Meanwhile, we are supposedly permitting the mass migration of illegal alien peasants from Mexico because there are jobs American ghetto dwellers won’t get off their shiftless butts to do. Let’s kill two birds with one stone.
The program described in Michelle’s article is a typical governmental disaster; but what if we offered a green card to anyone with a clean record who would buy outright, with cash, any home for sale in America for the next year. We could also require them to deposit another $100K or more in an American bank to insure they had the capital to get started off on the right foot in their new life in America.
I would have infinitely less heartburn over entrepreneurial immigrants, who could pay their own way, not become a burden to our ever burgeoning welfare roles and social services, and are more likely to wish to assimilate into our native culture. Meanwhile, it would infuse our economy with a half of a trillion dollars of real cash, instead of taxpayers buying these assets; and property prices would go back up instead of continuing to crumble. Where am I going wrong here?