Hey, Ron Phipps: I say the National Association of Realtors is a rent-seeking Rotarian Socialist conspiracy against the American consumer. Can you offer even one argument to refute that claim?
My friend and partner, the ever-more-Unchained Brian Brady, posted a Facebook link to a Wall Street Journal article on the current push by the National Association of Realtors for extended loan subsidies for the rich:
To understand why 90% of U.S. mortgages are still underwritten by taxpayers, look no further than the nearby letter from Ron Phipps of the Realtors lobby. He makes clear that the Realtors, like the rest of the housing-subsidy crowd, are working hard to get Congress to reinstate a $729,750 loan-limit for Fannie Mae and Freddie Mac guarantees.
Why do rich people need taxpayer-underwritten home loans? They don’t, of course. The NAR needs loan subsidies at all income-levels to keep churning the real estate market.
In case you haven’t looked at your bank statements or retirement accounts lately, the NAR has already churned the American economy into a five-year coma. But like every other legislative vampire, the NAR won’t stop sucking away at unearned income until the body politic is entirely exsanguinated — bled to death.
This latest Five-Alarm Urgent Action Item — one of three or four a week Phipps and his minions spam-spew — is nothing more than an extension of the original NAR philosophy: Milk consumers, taxpayers and real estate salespeople for the benefit of brokers.
Do you doubt me?
The real estate licensing laws, written in their original form by the NAR, exist to limit competition in real estate brokerage, eliminating alternative sources of real estate brokerage to artificially sustain higher commissions for NAR brokers.
The sales commission co-brokerage fee — the vaunted “cooperation” among brokers — exists to create the Multiple Listings Service oligopoly, the golden handcuffs by which real estate salespeople are bound to their brokers and to the NAR — and which, not-coincidentally, continues the viciously anti-consumer NAR policy of de facto sub-agency.
The IRS “safe harbor” exclusion shielding real estate brokers from having to report income for their employees makes it possible for brokers to churn-and-burn gullible real estate salespeople like a toy store burns through your kid’s allowance money. No other business can afford to treat human capital — that would be you — like so much toilet paper.
And as Brian and the Journal note, the NAR’s innumerable loan subsidies not only induce economically-unwarranted churning in the real estate market, they prevent the emergence of a viable free-market in mortgage financing.
Much worse, the people who actually pay for those subsidies are the ones who don’t benefit from them. But don’t worry, the NAR has other Rotarian Socialist programs to put those folks into homes they have not earned by their own efforts.
The NAR is nothing but a vast, evil conspiracy, a criminal cartel devised to despoil consumers and taxpayers for the benefit of real estate brokers. Everything else is window-dressing. Get rid of the crime — the use of the police powers of the state to take money from people who earned it, giving it to people who did not earn it — and there is nothing left of the NAR.
So here is my challenge for Ron Phipps, who is this year’s Titular Grand Poohbah of the NAR: BloodhoundBlog Unchained will be in Anaheim on Friday. If you can refute — or even dispute! — anything I have said about the NAR, now or ever, we will give you time to defend your position, and we will make a video of your remarks and make them available here for all to see.
Why has the NAR never sought to contest my arguments? I think it’s because they know I am right. But if Ron Phipps — or anyone — can defend what looks to me like brigandry-in-a-Brooks-Brothers-suit, bring it on.Related posts: