“The Obama ‘stimulus’ has failed to
achieve its always unrealistic and yet essential goal of propping up
home values closer to their bubble highs. Housing prices are still
deflating to more realistic levels. The irony is that we should have
just let prices hit the bottom without intervention in the first place,
and we would already be in recovery. Now, Obama and Bernanke have
prolonged the recession in housing by avoiding this necessary
correction. They wanted a soft landing and, well, they got one. Good
job.
“We have wasted more than $2 trillion on a
lie. The American people were sold the bailouts on the basis that
they were saving the value of their homes, and what they are learning
now is the only effect of propping up failed institutions was to reward
those who failed so remarkably. The proper course of action was
always to allow a market-based correction to run its course, even if
that meant allowing financial institutions that bet poorly on housing
to fail.
“Now we are in a double-dip recession in
housing, which Obama promised would be avoided if all his policies were
implemented, which they were. Obama got everything he wanted, and he
has failed. Unemployment remains high, home values continue to slowly
contract, and the so-called ‘recovery’ is nowhere to be found. America
needs new leadership, and less government ‘assistance’ that only makes
the problems it claims to address even worse.”
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