Daily Archives: April 3, 2013
Here are today’s statistics on the state of the economy:
The MBA reports mortgage applications fell -4.0% last week. While purchases were up 1.0%, re-fis fell -6.0%.
ADP’s Employment Report for March shows a weak 158,000 new private payroll jobs, pointing to weakness in Friday’s Employment Situation.
The ISM Non-Mfg Index fell 1.6 points to 54.4 in March. The employment component fell a sharp 3.9 points.
Oh yeah, “doing the same thing over and over again and expecting different results”.
Today’s example, via the usual suspects, just boggles the mind:
The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.
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 mean, it hasn’t even been a decade yet. We’re not even doing this with a new administration. These are, for the most part, the same people who crashed it last time.
Why is it that “leaving too many people behind” is the priority, when in the past those who were supposedly left behind, found some way in the future to catch up? Why is it government’s job to “insure” risky loans because of that feel-good claptrap?
Because we’re freakin nuts, that’s why. We’re bound and determined to ruin this country based on an ideology that plays to “feelings” and “emotions” rather than good common sense, the laws of economics and freedom and libery. That’s why.
This is tar and feathers worthy, yet we’ll sit around like lumps while a majority claims it’s a “good idea” because it is “only fair”.
“Fair”. The word that will – is – ruining this country.