Obama-nomics: Transforming the Dollar Into CHANGE
By John W. Lillpop
Is it sheer coincidence that just as President Obama was signing the left's hideous "economic stimulus" into law, the barons of Wall Street were shedding nearly 300 points and closing in on a Dow Jones Industrial Average low last seen a decade ago?
Undeterred by happenings on Wall Street and unashamed by his own role in wiping out two or three generations of Americans with just one stroke of his pen, the president wasted no time in moving on to the next urgency on his Nanny -state agenda: Saving millions of homeowners from foreclosure.
As reported at My Way News, in part, the president said:
"We must stem the spread of foreclosures and falling home values for all Americans, and do everything we can to help responsible homeowners stay in their homes."
Unfortunately, the crisis is more about irresponsible, rather than responsible, homeowners.
Egged on by a federal government obsessed with diversity at all cost, millions of people bought homes for which they were not, are not, and probably never will be, qualified.
Race baiting regulators and greedy lenders made it all possible by approving reckless lending practices such as no down payments, stated income, negative amortization, and other grotesque gimmicks which lured people best suited financially for modest studio apartments into modest mansions.
Unqualified buyers stoked a real estate market already suffering from extravagant exuberance into a mindless escalation of housing prices. Soaring home prices inevitably reduced the pool of qualified, responsible buyers, which in turn caused a glut of unsold homes listed for sale.
Now, President Obama wants to exacerbate the problem by dousing the blazing fire with gasoline, AKA taxpayer money, which is the only way that liberals know how to respond during a crisis.
Contrary to Obama's Marxist beliefs, government caused the current crisis. Why should Americans count on that same gaggle of incompetent bureaucrats to correct their own mistakes?
Slumping housing prices reflect normal supply and demand dynamics, and must increase or decline according to the dictates of the market.
Artificially propping up home prices and unqualified buyers will perpetuate, rather than eradicate, the problem and delay genuine recovery.
By the way, whatever happened to the liberal lament about the "affordable housing" crisis? Allowing home prices to decline in accordance with the market would seem a reasonable solution for that problem.
With all eyes distracted by the housing kerfuffel, the wizards of Detroit roared into Washington with detailed plans for salvaging what remains of the battered automobile industry.
Just what is Detroit's plan?
Give us another $50 billion dollars, and we will lay off another 42,000 workers!
Again, government malfeasance is the culprit. Despite warnings from conservatives, former President George W. Bush chose to chase bad money with good by sending Detroit $17 billion last December.
President Obama and his Marxist comrades in Congress will surely add to the chaos by bailing out Detroit again.
Thus far, it appears as though Obama-nomics is a policy that will transform good old American dollar into CHANGE!
That is Change that America neither needs nor wants!
Posted by John W Lillpop at 6:46 AM