Head-banger of the day

Or, Why the housing market will never stabilize until this dolt is voted out of office.  

Because he keeps throwing money after bad mortgages.  

From the AP:  

President Barack Obama is unveiling $1.5 billion in housing help, a boost timed to his appearance in the city with the worst foreclosure crisis in the nation.  

Obama’s move, detailed by aides in advance of his town hall here Friday, is the latest by a White House determined to show it is helping families rebound from a deep recession. The downturn is taking an election-year toll on Obama’s party as voter frustration builds.  

Obama was to announce that housing finance agencies in the five hardest-hit states in the housing crisis will receive $1.5 billion to help spur local solutions to the problem. Those five are Arizona, California, Florida, Michigan and Nevada.  

 Also key: all five states have Senate seats up in the fall, a few of which are hotly contested.  How convenient, eh?   

Until the market hits bottom–and it won’t until the “free Obama money” remains in play–prices will continue to fall.  And people like me will remain afraid to buy only to watch the value of the house dip with no end in sight.  

From the story again:  

For Obama, slowing the foreclosure rate is a key step in the recovery of the overall economy. Millions of people have lost their homes because they couldn’t afford the mortgages anymore, and millions lost jobs because of the associated slowdown in new home building.  

   But a wrinkle for the Obami: folks are losing jobs across the economy, not just the construction slowdown.  Maybe Obama hasn’t figured it out yet, but higher unemployment and underemployment = higher foreclosure rate. 

Until there are JOBS at which people make MONEY in order to PAY for things, it won’t improve.  I guess Obama never read this to the girls.  Good thing we start capitalism lessons early here at Chez PJ.  

Had Obama read it, he would know people need JOBS to make money.

One Response

  1. […] course with Obama throwing more grown-on-trees money after bad, the real estate market won’t hit bottom any time […]

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