7 hours ago
Monday, September 17, 2012
A Target Rich Environment
This morning the news was full of blogging material. I couldn't turn around without hearing something that set my teeth on edge and my blood pressure soaring.
There was some woman on the radio this morning talking about suing a local park district because she doesn't like the rules at the park; it seems that a rule against 'Garbage Picking' is code for 'We don't want the homeless in our park'. Who knew?
And then there was Obama and his speech today in Cincinnati. Apparently he feels there is too much government support of automakers.
Not in this country; in CHINA! apparently having your government actually, you know, OWN an automaker is not problem. But just financially supporting them is against the rules.
But the winner?
The Fed is going to print money to buy MORTGAGES!
Here is how this will help (allegedly):
By printing money to buy mortgages they will keep interest rates low (lower than 0%!?!?!?) by keeping the banks flush with cash (you mean more than the Trillions they are already sitting on from TARP and the other 'Quantitative Easing' programs?!?!?!?), so more people will be able to get a loan (based on WHAT JOB!?!?!?) and buy a house, increasing demand and raising housing.
And then all of the unicorns will fart a hundred rainbows and everybody will sing Happy Days are Here Again! and the economy will instantly recover. I made up a part of that. I'll let you guess which part.
They are completely missing that housing prices are a SYMPTOM, not a cause. The cause is TOO MUCH MONEY SUPPLY.
Which printing more money will not help, will it?
50 more days until we can get rid of these idiots.