The Dead don't get Sick; Obama's Mortgage Relief Plan
Timothy Birdnow
Once again, the Obama Administration is doing it's best to stagnate the economy. According to this article from Daily Real Estate News:
http://www.linkedin.com/news?actionBar=&articleID=621755477&ids=0QcPsVe34OczoIcPwPdzgTcj8Sb34Rc3oMdP4OdyMTdPgRdjsNczoIdPwVej0Vcj8S&aag=true&freq=weekly&trk=eml-tod-b-ttle-44
"Home owners who have lost their jobs will get more mortgage relief. The Obama administration has announced that two programs for unemployed home owners will extend the forbearance period on mortgages to 12 months.
For unemployed home owners with a Federal Housing Administration loan, the forbearance period will be extended from four months to 12 months. The Obama administration also said it will remove hurdles to make it easier for unemployed borrowers to qualify for FHA’s Special Forbearance Program."
End excerpt.
In short, lenders are going to be forced to subsidize non-paying borrowers. What is the end result? Banks cannot and will not make new loans when they are losing so much money or old ones. This assures that the mortgage industry cannot recover, and thus the economy will remain stagnant.
Yes, this will help buy votes for Democrats, and it may even smack of being merciful, but the hidden hand of the market is getting broken knuckles in the process, and when the market is thwarted the end results are worse for everyone than the original problem. Stagnant economic growth guarantees that those defaulting borrowers will never repay their loans because new jobs are not created. It ties up money for investment in all aspects of life, stifling the growth of businesses. It reduces tax revenue to the government as sheltering money becomes more important than making it. Our national debt mounts while our personal finances shrink. This affects everyone.
Of course, the Great Depression advanced the causes of socialism around the world, and this may be the ultimate goal of many in the Bambi Administration; wreck the economy via government regulation and intervention, then trumpet that this proves "capitalism" does not work and we need an economy that is owned and operated by the Holy Government and it's Pontiff, Barack Hussein Obama (peace be upon him). Or some future Pontiff, but to be sure the goal is to squeeze the private sector into serfdom. It seems impossible to believe that the wizards in Washington surrounding this president do not understand the gravity of their approach. Liberals are often the kings of impaired vision, but this is ridiculous!
It is simply not possible to remove risk from the economy - or from life in general. There is going to be pain at points, and, yes, it is unfair and sorrowful, but to avoid pain is to avoid living. The dead suffer no pain at all (at least in a corporeal sense - they may suffer in the hereafter, but that's for another essay.)
In the 1981 movie Dead and Buried Jack Albertson played a demented undertaker who used zombies he created with black magic to murder people coming into the small New England town where he practiced. Turns out the whole town was dead, and Albertson implanted their memories as he chose. James Farentino starred as the town's local sheriff who pursues the serial killings, eventually learning the horrible truth; he himself was dead, and Albertson enjoyed playing cat and mouse with him. Albertson's reason for killing people? Dead people don't get sick, dead people don't die. It was, he believed, a better way of life!
This seems to be the reasoning employed by the Democrats and the Left; a dead economy is better than a healthy one because the worst is over. The peace of the grave hangs over a system where government guarantees equality of outcome and people are protected from the hardships of the market. Nothing grows in the socialist economy, but nothing dies, either. It is the stasis of the grave.
But we're all equal in our poverty and misery!
At any rate, these steps, these oh-so-compassionate actions of strong arming performed by our college of bureaucratic cardinals guarantee our recovery remains flat-lined.
Once again, the Obama Administration is doing it's best to stagnate the economy. According to this article from Daily Real Estate News:
http://www.linkedin.com/news?actionBar=&articleID=621755477&ids=0QcPsVe34OczoIcPwPdzgTcj8Sb34Rc3oMdP4OdyMTdPgRdjsNczoIdPwVej0Vcj8S&aag=true&freq=weekly&trk=eml-tod-b-ttle-44
"Home owners who have lost their jobs will get more mortgage relief. The Obama administration has announced that two programs for unemployed home owners will extend the forbearance period on mortgages to 12 months.
For unemployed home owners with a Federal Housing Administration loan, the forbearance period will be extended from four months to 12 months. The Obama administration also said it will remove hurdles to make it easier for unemployed borrowers to qualify for FHA’s Special Forbearance Program."
End excerpt.
In short, lenders are going to be forced to subsidize non-paying borrowers. What is the end result? Banks cannot and will not make new loans when they are losing so much money or old ones. This assures that the mortgage industry cannot recover, and thus the economy will remain stagnant.
Yes, this will help buy votes for Democrats, and it may even smack of being merciful, but the hidden hand of the market is getting broken knuckles in the process, and when the market is thwarted the end results are worse for everyone than the original problem. Stagnant economic growth guarantees that those defaulting borrowers will never repay their loans because new jobs are not created. It ties up money for investment in all aspects of life, stifling the growth of businesses. It reduces tax revenue to the government as sheltering money becomes more important than making it. Our national debt mounts while our personal finances shrink. This affects everyone.
Of course, the Great Depression advanced the causes of socialism around the world, and this may be the ultimate goal of many in the Bambi Administration; wreck the economy via government regulation and intervention, then trumpet that this proves "capitalism" does not work and we need an economy that is owned and operated by the Holy Government and it's Pontiff, Barack Hussein Obama (peace be upon him). Or some future Pontiff, but to be sure the goal is to squeeze the private sector into serfdom. It seems impossible to believe that the wizards in Washington surrounding this president do not understand the gravity of their approach. Liberals are often the kings of impaired vision, but this is ridiculous!
It is simply not possible to remove risk from the economy - or from life in general. There is going to be pain at points, and, yes, it is unfair and sorrowful, but to avoid pain is to avoid living. The dead suffer no pain at all (at least in a corporeal sense - they may suffer in the hereafter, but that's for another essay.)
In the 1981 movie Dead and Buried Jack Albertson played a demented undertaker who used zombies he created with black magic to murder people coming into the small New England town where he practiced. Turns out the whole town was dead, and Albertson implanted their memories as he chose. James Farentino starred as the town's local sheriff who pursues the serial killings, eventually learning the horrible truth; he himself was dead, and Albertson enjoyed playing cat and mouse with him. Albertson's reason for killing people? Dead people don't get sick, dead people don't die. It was, he believed, a better way of life!
This seems to be the reasoning employed by the Democrats and the Left; a dead economy is better than a healthy one because the worst is over. The peace of the grave hangs over a system where government guarantees equality of outcome and people are protected from the hardships of the market. Nothing grows in the socialist economy, but nothing dies, either. It is the stasis of the grave.
But we're all equal in our poverty and misery!
At any rate, these steps, these oh-so-compassionate actions of strong arming performed by our college of bureaucratic cardinals guarantee our recovery remains flat-lined.
posted by Timothy Birdnow | 7:26 AM
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