Wednesday, February 18, 2009

Obama Just Does Not Get It

“It will give millions of families resigned to financial ruin a chance to rebuild, By bringing down the foreclosure rate, it will help to shore up housing prices for everyone.”

So said Barack Obama. He was referring to a $275 billion giveaway.

Not a giveaway to homeowners.

Not a giveaway to the unemployed.

Not a giveaway to the soldiers fighting his stupid wars.

A giveaway to the banks.

A giveaway to the shareholders and highly paid employees of JP Morgan Chase, Citigroup, Bank of America, and so on down the line of incompetence.

A giveaway from you, me, and all the other suckers.

A giveaway from those who voted for him to those who paid for his television commercials.

And oh by the way, "shoring up housing prices" is bad for almost everyone. It would definitely be bad for the overall state of the economy. Growth will not return until home prices reach levels that can be sustained by the incomes of those who buy them. To do that, they must go down, down, down.

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