The Origins of #Debt #Slavery? -Marriner Eccles

---
The following excerpt is from the book 'Secrets of the Temple -- How the Federal Reserve runs the country by William Greider
---

Around 1932..

Marriner Eccles also helped launch the era of liberal credit, the easier terms for borrowers that became standard for American consumers. As a banker who understood leverage, Eccles argued that the government could have more impact on housing through mortgage guarantees and interest-rate subsidies than through direct spending. The funding for public housing, he said, "was just a drop in the bucket as far as need went." But Washington could stimulate millions of housing starts by leveraging the credit market -- knock a percentage point off mortgage interest rates with a direct subsidy and provide government guarantees to induce lenders to make long-term mortgages available, loans running for an unheard-of 20 years. Home mortgages had typically been limited to 7 or 10 years -- which meant prohibitive monthly payments. The New Deal changes in mortgage finance laid the basis for delivering the "American dream" to millions of ordinary families -- a home of their own, purchased with long-term mortgages and payments they could afford.

---

Just interesting to note that, to me anyway, this guy, Marriner Eccles, seems to be THE guy who started us down the path of ruin that we now find ourselves on..

Most of us have heard "the path to hell is paved with good intentions"..

Was Marriner Eccles an evil guy? No, I don't think so..

However, he DOES appear to be THE guy who, even though he lacked much formal education, helped form the New Deal. And, more importantly to me, he appears to be THE guy who first realized that consumer behavior could be easily manipulated by government action..

Marriner Eccles appears to be THE father of easy credit for Americans. THE guy who first proposed the mortgage market could be manipulated for financial gain through government meddling..

I'm sure he was well intentioned.. However, over time his ideas have become the monster [easy credit and the intentionally evil manipulation of consumer spending] that threatens still to destroy our economy and society..

Was it the very beginning of the sub-prime mortgage mess? The inception of the idea that government could manipulate the economy through housing, mortgages, the expansion of easy credit, even the blatant manipulation of economic data that we see now, for decades to come? The very groundwork that today's consumer debt slavery was built upon?

I'll leave that up to you to decide..

Greg