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Greenhut in NY Times on Housing
Our editor-in-chief, Steven Greenhut, runs a column in today’s New York Times. It begins: President Obama’s plan to change federal lending rules so people who are under water in their mortgages can refinance will make a political point about Republican intransigence on his jobs package but won’t sway many voters. This rules-tinkering will only affect a minority of under-water homeowners, so this won’t gin up a still-deflating market. Interest rates weren’t particularly high at the top of the bubble, and a reduction in rate now won’t fix many people’s problem. Polls show Americans opposed to government bailouts of those who bought homes they could not afford. Many people refinanced and went on lavish spending sprees. (I recall asking one friend, rhetorically, where all the money went from the refinancing craze. He laughed and pointed at his new recreational vehicle.) Las Vegas is ground zero for the housing bust because it was ground zero for conspicuous consumption. How many Americans want to bail that out? Read the rest here. Oct. 26, 2011
Tags: housing, John Seiler, President Obama, recession, Steven Greenhut, unemployment Comments(3) |
May 24, 2013
I was not disappointed — the shrill cries in the comments hauling out the canards about foreclosures causing crime, not to mention the “heartless” nature of allowing the market to find its natural level (as though that wouldn’t also help incoming buyers afford housing) are a predictable and sad commentary on what passes for thought among the NYT’s true blue camp followers.
And how much is all this going to cost and who pays?
Let’s face it from Cash for Clunkers to the latest proposed bromide, Obammie will spend whatever he can if he thinks it will help him get re-elected. He couldn’t care less how much it costs.
Americans disapprove of bailouts until it is their turn in line to get one. At that point not a soul turns it down. So far the bailouts have benefited overmortgaged homeowners, overspent students, government pensioniers, retirees on social security/medicare, etc…. Just be patient. Your turn is coming too as long as the ponzi scam doesn’t collapse before the check clears.