President Obama’s economic advisers and outside experts say the nation’s much-celebrated housing rebound is leaving too many people behind, including young people looking to buy their first homes and individuals with credit records weakened by the recession.
In response, administration officials say they are working to get banks to lend to a wider range of borrowers by taking advantage of taxpayer-backed programs — including those offered by the Federal Housing Administration — that insure home loans against default.
This is just, frankly, incredible in its stupidity. We’ve been here, done this and suffered the consequences in terms of a financial meltdown and an economy that seems to be in permanent “recession”. We’d have the T-shirt too, but they took it off our backs.
Consider the administration’s solution to the perception that we’re “leaving too many people behind: Let’s do again what was a major contributor to the last melt down. No prob. They’ll just blame the banks and the “market”. The result: more people “left behind”.
I want to change this oft-quoted definition of insanity to something that better reflects the real world:
Insanity is reelecting Barack Obama.
Of course, McQ’s argument here assumes that the overall goal of the Obama administration is not to recreate the 2007 meltdown in the housing market. But that is a faulty assumption: That meltdown is what got Obama not just elected, but re-elected. He’s hoping for a similar disaster that would put Democrats in control of the House of Representatives in 2014.