Former Treasury Secretary Says He "Forgot" That People Had To "Afford Their House"

Former Treasury Secretary John W. Snow has told the New York Times that he, along with the entire Bush Administration, simply “forgot” that people had to be able to “afford their house.”

One of the main goals of the Bush Administration has always been to increase homeownership among Americans — a fantastic goal — but there was apparently one small flaw in the plan…

From the New York Times:

“The Bush administration took a lot of pride that homeownership had reached historic highs,” Mr. Snow said in an interview. “But what we forgot in the process was that it has to be done in the context of people being able to afford their house. We now realize there was a high cost.”

This seems like an odd thing to forget… especially for someone as accomplished as Mr. Snow. From 2003 – 2006, he served as the 73rd United States Secretary of the Treasury. Previous to that appointment he worked in the Reagan Administration and earned a Ph.D. in Economics from the University of Virginia. He’s currently serving as chairman of Cerberus Capital Management, which among other things, owns 80% of Chrysler.

White House Philosophy Stoked Mortgage Bonfire [NYT]
(Photo:Rich Addicks/Atlanta Journal-Constitution)