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: