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There’s always something to howl about

Reuters: “Homeowners without a job or good credit histories have been essentially shut out of the refinancing process.”

And this is bad news?

That entire Reuters article is interesting, as will be the forthcoming stories on President Obama’s big, big plans to put Americans to work.

Two important facts emerge, I think:

First, no one in the entire ruling class has any idea how jobs are created. Stimulating demand while you stymie production is just another way of driving up prices at the cash register.

But second, I think Obama is managing to do what decades of conservative and libertarian ideologues have failed to do: He is demonstrating the futility of the entire Keynesian approach to government.

It’s an internet effect, of course. The massive increase in information velocity makes smoke-and-mirrors academic obfuscation more and more difficult.

But Obama’s uncanny political ineptitude is making it that much easier for Americans to discover that, for all the hype, the emperor has always been naked.

Related posts:
  • Recent refinancing can make selling a house costly
  • The Rates Aren’t The Only Thing That Matters….. (My thoughts on how to create healing in the housing market)
  • The bad news: Obama’s housing relief plan is a giveaway to lenders, not homeowners. The worse news: It won’t work, anyway.

  • 3 comments

    3 Comments so far

    1. JBond August 31st, 2011 8:52 am

      Ha ha… Well said. Stimulating demand while frustrating production; just the unseen tax of inflation. Thank you, Fed.

    2. Jeff Morris August 31st, 2011 11:05 am

      Hey Greg, we are interested too to see that part as it might help to get good deals.

    3. Teyona September 2nd, 2011 5:55 am

      Great blog here Greg. Obama has a lot of plans for America. Hope it will be realized, so many people will be benefitted.Thanks!