Watching the media reports about the housing crisis has been a real education for me. With 50+ years on this planet, I still learn something new every day. And today, it was a big one.
What did I learn? I learned that the government, the media, and the majority of the American people do not know how bad things are in the housing market and the economy. Or maybe they know the facts but are just in denial.
An objective look at the number of job losses and the accelerating runaway train of foreclosures and bankruptcies foretells a much different future than what the spinmeisters are saying. All the kings horses (loan modifictions, streamline refinances) and all the kings men (Obama, Geitner, Bernanke) can not put Humpty Dumpty back together again.
The housing market is broken. Period. Please, don't mortgage my childrens and my grandchildrens future to save a bunch of greedy bank executives. It's time for a re-set of property values. Let the problem run its course and don't use my future money to try and stop the inevitable. Our leader is reading his own press clippings and developing an unrealistic strategy. Parting the red sea and freeing the Israelites was divine - and a worthy cause. Trying to stop the foreclosure wave would also be divine - but not worthy. This market must fix itself. We can not and should not do it.
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