Socialist Conservatives, Cats Marrying Dogs, Etc.
This headline at the supposedly conservative Wall Street Journal says it all.Mortgage Relief Nears for Homeowners
Relief? WTFudge? Relief?
This is another bailout, plain and simple. And, as we've noted below, it makes chumps out of anyone who bothers to pay his bills. It also admits (tacitly) that the entire housing "boom" was a fraud. Houses are worth what people an afford to pay for them, and it's now crystal clear that too few could afford to pay what they signed on for. That means home prices should drop like stones, because only an idiot would pay the neighborhood asking price knowing that the comps and historical prices are garbage... fraudlent... fairy tales. The real price? Look up historical income to home price ratios for the region, and lowball these by 10% or so. That's more than fair enough.
While McCain and Palin try to label Obama a socialist, remember which administration it was that brought us to the point where no one, anywhere, is allowed to feel financial pain, so long as there's a taxpayer-funded (allegedly, funded) way to spread money from the responsible to the greedy financiers -- many of whom danced away with hundreds of millions at the height of the Ponzi scheme -- daydreaming deadbeats, not to mention thousands of liar-loan criminals, the ones the FBI isn't pursuing because there are too many, and it's understaffed because everyone was shifted to chasing shadows that looked like Al Kaida.