The Foreclosing of America (Part 2): Freddie Gets Rich

By Rick Perlstein on July 10, 2007 - 12:37pm.

[Read Part 1 here.]

Let's say you're a young professional couple from Cleveland, eager to pop out some kids. It's 2004. You want to do what young professional couples eager to pop out children have done at least since World War II: own your own house in the suburbs. It's the American Dream.

Okay, you're not quite a young professional couple - more like an aspiring professional couple. Neither of you have been able to get a remunerative job in your chosen field yet, but you're getting by, and you think your prospects are good. You've been ambivalent, thinking about renting a few more years until you can get up on more solid financial footing. Then the president helps you push away your fears. You hear his exhortation, in June of 2004: "The more ownership there is in America, the more people have a vital stake in the future of this country." You put aside your doubts. For you deeply admire President Bush, deeply trust him.