Say What?? -- Bob Shiller plunges into the deep end of the pool
In his Sunday's NY Times op-ed, "The Scars of Losing a Home", we find the following passage:
Homeownership is fundamental part of a sense of belonging to a country. The psychologist William James wrote in 1890 that “a man’s Self is the sum total of all that he CAN call his, not only his body and his psychic powers, but his clothes and his house, his wife and children, his ancestors and friends, his reputation and works, his lands and horses, and yacht and bank account.”
Homeownership is thus an extension of self; if one owns a part of a country, one tends to feel at one with that country. Policy makers around the world have long known that, and hence have supported the growth of homeownership.What? Holy Crap, people, "belonging to a country"? Homeownership is about political indoctrination?
And man, where did that quote come from? we are making an argument based on one sentence of opinion by some dude from the 1890s?
Even granting the premise "homeownership is an extension of self" (whatever that may mean), it in no way implies, proves or relates to what's cooking up in the second clause of that sentence.
If I could summarize, the argument appears to be this: some guy 118 years ago said your home is part of your self and that proves that owning a home gives you solidarity with your country, so we should bail out the foreclosees before they become unpatriotic.