Want to bring the fragile housing market to a completely frozen standstill? Then you gotta read this article. In the name of Progressive, bleeding heart, close the gate after the cows escaped, Compassion, Barry and the boys want to FREEZE the residential foreclosure market!
Yep, that's right! Banks have to stop dead in their tracks on all foreclosure activity under this "left brain" thinking.
Now you might be thinking: well, people are being tossed out on the street! Maybe this is the right thing to do?
Recessions are wicked: good people and bad people have to deal with them, but here is why this is such bad economic thinking:
-by freezing foreclosures, banks holding on to bad debt will be further weakened. How can they lend to other folks?
-the process of working out bad decisions gets delayed, it doesn't go away. Folks who should have never bought a house, bought too much house, got a stupid stupid mortgage, continue to bog down the system.
-the process of resetting the housing market for an economy of reduced means gets delayed, PROLONGING THIS DAMNED RECESSION BARRY!
And on, and on, and on.
Hey Barry, instead of tinkering with the banking system, how about getting government out of the way so Jobs can be created?
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