Deja Vu

Wednesday 3 April 2013 - Filed under Dumbassery + Economy + Government

I get this weird feeling that I’ve seen this before. Wapo:

President Obama’s economic advisers and outside experts say the nation’s much-celebrated housing rebound is leaving too many people behind, including young people looking to buy their first homes and individuals with credit records weakened by the recession.

In response, administration officials say they are working to get banks to lend to a wider range of borrowers by taking advantage of taxpayer-backed programs — including those offered by the Federal Housing Administration — that insure home loans against default.

Reinflating the real estate bubble with cheap cash that loanees can’t afford to pay back? What could go wrong? And banks have nothing to fear as they have been assured that they’ll get a bailout in the event people who ought not be getting loans get loans. So more people are encouraged to get a loan they can’t afford, and responsible people who don’t fuck up their own lives financially by being fiscally responsible have to pay for it. Fucking great.

2013-04-03  »  madlibertarianguy