It makes some sense to go after that component or that particular breakdown in the system but you can’t interfere with an existing legal contract between two parties. You cannot force these things, you need to make them voluntary and offer incentives to make the voluntary loss of money more palatable. banks should process short sales faster but you cant force them to lose money faster, they hate losing money and it is their money so they have every right to take their sweet time in losing it. I don’t need politicians to tell me “yes we can” I need them to acknowledge that “can’t” is a nessecary vocabulary word. You “can’t” have peace in the middle east, you “can’t” buy or keep a home if you can’t afford it, you “can’t” have free money, you “can’t” have a trophy if you don’t win, you “can’t” have a BMW if you don’t have a job, you “can’t” buy things you “can’t” afford and if you aren’t smart or savvy or “can’t” resist temptation, you “can’t” be rich. My message to mike or any ambitious politician, start using the word “can’t” and use it often.
Any law passed would only be in effect for loans made after the law was enacted, loans today don’t need the protection of 2005 loans and they are full doc with downpayments at lower prices, 2009 loans wont default like the earlier vintages. So it’s all just noise for the election and do we really need more regulation, more bail outs, more government. What we need is for a politician to stand up and say, “this is the greatest system of economics ever created, intervention distorts it, the sooner this plays out the sooner we can enjoy the recovery. We “can’t” save people from themselves, for every winner there must be a loser and in this case the lenders are losers along with the borrowers, the winner sold and we “can’t” go back and take their profits, both losers will be rich with wisdom and that is how is supposed to be.”
This lesson is nothing new, it can be found in the writings of Lao Tzu many years B.C., it can be found in the christian bible and it is clear as day in the writings of the architect of capatalism, check out “The Wealth of Nations” circa 1776 http://en.wikipedia.org/wiki/The_Wealth_of_Nations
I saw batman this week, and while Heath Ledger’s Joker exceeded Nicholson’s, the previous joker had an applicable quote, “This town needs an enema.”
Or if I may quote Judge Smails as I have done many times before “The world needs ditch diggers too.” If Ted was alive today, that line could be rewritten “the world needs renters too.”
