1115.org

Barack Obama (1/7/09):

“We’ve got to prevent the continuing deterioration of the housing market.”

We’re in this mess because there was a housing bubble. Housing costs have been rising much faster than incomes for years now, and it just wasn’t sustainable. This led to no money down / stated income / negative amortization loans to people who, in reality, couldn’t afford to buy. “Deterioration of the housing market” means reversion to the historical mean. Preventing this reversion is the absolute opposite of what we’ve “got” to do.

Obama’s not stupid, so he knows this to be the case. Why is he pretending otherwise?