Monday

All we Have is Fear itself.







Yes I know that is not the original quote but it is so much more accurate. With Obama and his henchmen comparing the current economy to the great depression fear seems to be the catch word of the day. No doubt out economy is in trouble. Simply looking at where the Dow is sitting will reinforce that idea. I believe that the current administration is intentionally taking down the economy to their own ends. The housing market was the impetus behind the current economic down turn. To hear politicians talk about it you would think that everyone is at or near default. The truth is 94% of home owner are paying their mortgages on time. The other 6% represents the ones that are in trouble. Think for a minute 94% paying on time. 94% of home owners obtained loans in a responsible fashion. The $75 billion housing stimulus that Obama has approved is for 6% of the home owners. That seems to be an incredibly large amount of money for a relatively small portion of homeowners. We are rewarding irresponsible behaviour. Another unreported fact is that the programs that were already in place to modify mortgages of those who were in trouble have resulted in 50% of the modified loans falling back into default. In other words, the irresponsible when given another chance have proven again to be irresponsible. Why then should we have confidence that throwing another $75 billion at these people will make them responsible home owners. The administration seems oblivious to this fact, well Biden seems to understand at least a little. He stated that even if we do everything right there is a 30% chance that it will still fail. I'm not encouraged. Maybe we should let these loans default. They are going to default anyway, in all likelihood. Take that money and help out the responsible homeowners. Or better yet let the people who earned that money keep it. The $13 dollar a week tax break we got won't do much to help the economy but giving back a little more to the responsible folks out there may just do the trick. I hope Obama is not planning to follow to closely in FDR's footsteps. It appears that he is already emulating the failed policies of that administration, trying to spend our way out of recession. God help us all. Why do liberal elites look at failed policies of other liberal elites and think; It was the right policy they just didn't spend enough money, I can make it work. I imagine somewhere out there someone is thinking the Yugo was a great car, they just didn't build it cheap enough.

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