[quote=carlsbadworker][quote=JohnAlt91941]New buyers get nothing from this except probably less inventory to pick from.[/quote]
Exactly. I couldn’t understand how “letting price drop more so that new buyers can spend less on housing” is not the best long-term policy. As we have said here numerous of times, foreclosure is not the problem, foreclosure is the solution.
If the government claimed that foreclosure will hurt the banking system, and thus hurt the real economy. We already solved that with market-to-fantasy accounting for the banks and massive FED/government holding of non-performing asset. Why we still need to save those sorry-ass with renters’ money?
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Exactly. I don’t want low interest rates; we’ve had enough of those for the past decade, and where has it gotten us?
I’m sick and tired of having the purchasing power of responsible people stripped away so that the most irresponsible overspenders — who are largely responsible for our “financial crisis” — can continue with their idiocy. Enough.
The best way to “get people back to work” is to allow for the deflation to happen so we can rebuild from a sustainable foundation. We’re sitting atop an unstable house of cards, and trying to figure out how to build higher.
Stop the delusion already, and let’s get on with fixing things **the right way.**
