Morons along the Potomac

It’s too depressing to link readers to Bloomberg’s calculation that the TARP money, pledged, guaranteed and already passed out, is sufficient to pay off 90% of all outstanding mortgages in the United States or $1,500 or so to every single man, woman and child in the world. Now the latter idea might actually improve our standing in world opinion for at least a week, but I’ll leave that to those who care.

What I will link you to is this common sense observation from Clusterstock: the $15,000 tax credit for home buyers, a bit of largess that will itself cost us billions, will be absolutely useless in advancing home sales. Why? because houses are all overpriced much more than $15,000. I’ve read several stories in the main stream media about happy would-be homeowners saying that, “by golly, with an extra $15 grand, I’m gonna go find myself wonna dem houses I been hearing ’bout” but aside from wondering where the media finds these people, I’m not impressed. If you want a $15,000 cushion to protect yourself from a further decline of prices, demand it! In this market, if you can’t squeeze a piddly sum like that from a seller, you’re not qualified to own a bicycle, let alone a house.

Of course, if people could accomplish this for themselves, what good would the government be? Precisely.


Filed under Uncategorized

2 responses to “Morons along the Potomac

  1. Retired IB'er

    Look on the bright side, Chris, maybe the United States of America Redux will be better. Certainly, the intent of the “morons on the Potomic” seems to be the destruction of our current system.

  2. Peg

    Hard to determine what is most sickening about all this; so much from which to choose. Perhaps what causes me to view it as the most dramatic insanity, however, is this. In many respects, all these billions (or are they now trillions, Chris; so hard to keep those pesky zeros straight!) is that in many ways, it doesn’t help a whit.

    The more the government gives out gifts to save us from ourselves, the more people at times back off from getting involved! “Maybe if we wait a bit, the pot will be sweetened all that more!” they think to themselves.

    If our Great Leaders would be honest – tell us that we all screwed up royally, we’re going to have to muddle by the best we can, take our losses, rebuild…. then people might just start doing that – realizing that it Is What It Is.

    This way, though, we have no clue what it is – and many simply sit on the sidelines, knowing that thrift and responsibility and thoughtfulness and Being A Grown-Up doesn’t pay like it used to.