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Fire burn and housing bubble redux

It appears that it isn’t merely the U.K.’s “Conservative” party that has difficulty recalling 2008, a year now so distant as to be beyond the memory of living politicians:

Obama administration pushes banks to make home loans to people with weaker credit

I’ll give the devil his due — Marx said it best in The Eighteenth Brumaire of Louis Napoleon when he noted that history repeats itself, “the first time as tragedy, the second time as farce.”

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15 comments to Fire burn and housing bubble redux

  • Steven

    It would be hilarious if Wall Street simply asked Obama if his “request” is due to stupidity or treason.

  • Laird

    He’s even more stupid than I thought possible. It’s not just that all those loans to people who shouldn’t have received them in the first place were the trigger which set off the last recession (which they were). His administration has set up a new Federal Housing Finance Agency which has been busily issuing hundreds of pages of new regulations making it even harder to make mortgage loans (draconian “ability to pay” rules, etc.), and yet he somehow wants banks to make more loans to people with bad credit? What a moron.

  • Confucious

    What’s so stupid about this?
    The 1st time his party did that, they got the credit for making home ownership available to poor people, got credit for the supposed economic growth the housing bubble represented, got a batch of highly-paid jobs to hand out to party friends and when the house of cards collapsed lack of regulation, unrestrained capitalism, corporate greed, etc etc etc got the blame. Sounds like a very smart thing from their point of view.

    Even more so if Wall Steets politely declines to follow his advice. Then nothing whatsoever will happen regarding a second housing bubble, but he can make himself look like a champion of the poor at zero cost or risk.

  • Andrew Duffin

    What Confucious said.

    You must always look at what they’re trying to achieve: their aims are not ours, they are the enemy.

  • What Andrew said. Indeed.

  • Spruance

    Reinflating the Bubble

    “The people who are involved HAVE to know this won’t end well, because the most recent example of this leading to disaster is only 4 years old. Hell, the people doing this were in office when this same approach fell apart last time. But politicians refuse to face some pain now to avoid huge pain in the future – for politicians, the discount rate on pain is infinite.”

  • Oh for Pete’s sake. This. Is. Intentional.

  • jerry

    Alisa – Of course it’s intentional. Now, having said that, do you really believe that Obama himself devised or was the instigator of ANY of this so-called plan ??

    Andrew, the keyword is ‘they’.

    I’ve been saying this for 4 years now
    ( and been occasionally scoffed at for it – it may well happen again this time ! )-

    Obama is NOT the towering intellect portrayed by the MSM.
    I have heard him on more than one occasion where his teleprompter was either broke/missing/forgotten and realized he is someone who cannot even construct a coherent sentence on the fly. On those occasions, we are generally treated to several days of various people being trotted out to explain what he REALLY meant ( when he said he had visited 57 states – or when his abysmal debate performance was because of ‘altitude and thin air in Denver !! ) One on one interviews don’t count because the questions are undoubtedly screened and answers prepped. After his first debate with Romney, I’m sure he was drilled incessantly about how NOT to behave in the next debate.

    I cannot imagine him having the ability to construct a plan such as this with such devastating effects on the American economy.
    Scoff if you like but I have become convinced that –
    This man has been groomed for years by people that we do not know and would not recognize.
    This man is controlled or guided by those same individuals whose goal IS NOT beneficial to the United States. ( read what you can find on Valerie Jarret for openers – apparently only one of two people ‘allowed’ to address Obama as Barack !! )

    Look at what has happened in this country since 2008. EVERYTHING from Obamacare to ‘Fast& Furious’ has been, or will be, a disaster for this country.

    Obama is simply the figurehead who puts forth the ‘grand idea’ or plan, to the cheers of the millions who WILL NOT have to pay for it ( and for the most part either have no idea where the money really comes from or don’t care or both ).
    If the plan fails, so what ? There are NO consequences.
    But, the overall effect, over time is to severely weaken this country militarily and economically as well as its global reputation.

    This man is a fool, whose past has been protected in a way that is breathtaking to behold. ( If you did so well, why NOT release you college transcripts ?? )
    To think that he could be the source of any of the multitude of disastrous acts by this so-called administration requires suspension of any critical thinking along with the blind unquestioning belief that he is some sort of savior to us all.

    Someone posed, on this site if I recall correctly, the following and
    credit to the original poster whom I neglected to note.

    “The danger to America is not Barack Obama but a citizenry capable of entrusting a man like him
    with the Presidency. It will be far easier to limit and undo the follies of an Obama presidency than to restore
    the necessary common sense and good judgment to a depraved electorate willing to have such a man
    for their president. The problem is much deeper and far more serious than Mr. Obama, who is a mere
    symptom of what ails America . Blaming the prince of the fools should not blind anyone to the vast
    confederacy of fools that made him their prince. The Republic can survive a Barack Obama, who is, after all,
    merely a fool. It is less likely to survive a multitude of fools such as those who made him their president.”

  • jerry

    Someone POSTED, on ………

    My apology.

    ( must proof read .. must proof read .. must proof read …..

  • Jerry, I do not disagree with you at all. But you are stating the blindingly obvious: not even a genius could have pulled the things this administration is puling all on his own. OHOH, while Obama is no genius, he’s not an idiot either. He’s just a guy of average intellect who was raised a Marxist. I’m sure that the same can be said about most of the people who surround him or even who are “behind” him – whatever that means. If everyone or even many on the Left were geniuses, they would have turned the USA into USSR many many years ago. Fact is, it has been taking them much longer than that. They are no geniuses, but they are determined, and that’s what counts in the end.

  • ‘OTOH’. And, ‘pull off’. Proofread, you say?…

  • Paul Marks

    Is it intentional destruction? Or are Mr Cameron and Mr Osbourne just following the ideology they were taught?

    There is nothing wrong with going to Oxford to study PPE – but there is a great deal wrong with believeing what is taught in most colleges there (and elsewhere).

    “But they are intelligent – they can not have believed it”.

    Intelligence is not an automatic defence.

    An intelligent person takes what they are taught to its logical conclusions – and applies the principles of what they have been taught to various situations.

    But questioning the fundemental principles themselves? Rejecting everything that one is taught even at school level?

    That is not intelligence – that is not the road to a good job and success in life.

    Also remember the “student rebels” are actually more conformist than people like Cameron and Osbourne.

    People like Cameron and Osbourne take the interventionism they are taught and apply it in a “Conservative” way (they really do – in their own minds).

    The “student rebels” are actually ultra conformists – they take the principles they are taught and apply them to their ultimate logical conclusions (their logical collectivist conclusions).

  • Paul, FWIW: when I talk about intentional destruction, I refer to the US and its current government, not to the UK and certainly not to its current government.

  • Paul Marks

    My apologies Alisa (thread following problem again).

    Yes – the actions of the President Cloward and Piven are intentional – he knows (broadly speaking) what the results will be, and even has pre planned excuses to blame the Republicans with.

    For example the msm (AP and so on) are blaming the low number of jobs created in March (and the drop in the labour participation rate) on government spending cuts – cuts that have not happened yet.

    Of course the real reason is the increase in the pay roll tax (and the other tax increases – for the top rate of income tax increase hits the majority of small business enterprises that file under the income tax, not the corporation tax).

    The Comrades knew (broadly) what was likely to happen – and already had their propaganda line worked out (indeed pre set – for the “sequester” was the idea of the Obama Administration in the first place).

  • Paul Marks

    Of course the sequester does not really cut government spending anyway – government spending will be HIGHER this year than it was in 2012.

    However, one department will find itself under strain.

    No prizes for guessing which department.