Well it seems like politicians of late certainly can’t keep their mouths shut regarding the market readjustment of the housing sector. I know…how surprising is that? Not. I mean, granted is sucks that people are losing their houses, and I know that America can’t let the roofs cave in (bad pun) on one of the most vital markets that we have – after all…isn’t owning your own home part of the American dream? Of course. But please…there is a freakin’ limit!
I think it’s ridiculous that Fed Chief Ben Bernanke and US Secretary of Commerce Hank Paulsen are scaring the living Jesus out of Congress and anybody who has a financial stake in the housing market in America. And the best part is that they don’t have an actual assessment on how bad the damage will be…or when this is going to happen. That’s real responsible of them. Just as responsible I guess as they were watching this whole situation develop over the years without any kind of warning as they saw the market going down this road over the last few years. Nero, anybody?
So of course this is total fodder for the presidential campaigns. Bush has rolled out all the stuff he wants to do on an executive level…which then translates into Sen. Hillary Clinton coming up with her plan. Oh God…Hillary Clinton has ANOTHER plan on how to “reform” a major sector of the American market. That sounds way too damn expensive to me. We saw what happened last time with healthcare…I would prefer not to see her do the same with housing.
And I don’t want to get all “minuteman” here, but there have been quite a few reports that have shown that a huge amount of these sub-prime mortgages are, and were actually targeted at immigrant populations…legal or otherwise. Our borders are like swiss cheese, and we’ve got people complaining that we don’t have enough money to build a damn fence…but we have money for government-sponsored bailouts for the homes of people who aren’t supposed to be here in the first place? Excuse me? Thank you.
Markets need time to correct themselves. Washington didn’t step in to solve these problems when they were developing, and I really don’t want them to come in at this point to try to “fix it.”