Obama Mortgage Plan Is Not Helping the Recovery
Posted on | May 4, 2009 | 2 Comments
Today the National Association of Realtors said its index of pending sales rose 3.2% to 84.6, but here is the kicker, on strength in government building. The government continues to prop up this economy and housing market even though we have already invested trillions. A $1.75 trillion commitment to buying mortgage backed securities along with many tax breaks for home buyers gives America hope that the housing market will bottom soon. Unfortunately the data is telling us differently. Home values continue to decline month over month and mortgage lenders are going bankrupt daily, what does that tell you?
The government has tried extremely hard to put a ceiling on mortgage rates and a bottom in the housing market but neither is happening quite yet. The Obama Mortgage Plan was an attempt to create economic recovery but it all seems like false hope at this point.
The only way that our struggling economy is going to get back on its feet is with the creation of jobs. Not government jobs like President Obama continues to create; we need jobs with true growth potential that does not involve bureaucratic bullshit. Are recent college grads really going to use their knowledge to work at a government job that does not allow them to be promoted for at least three to five years? I honestly hope college students don’t get suckered into the false hope that they can grow in a government job. Well, they do have growth potential if mommy and daddy know someone who can get them to the next “level” of government.
We need private sector, entrepreneural jobs that give the most intelligent minds a chance to expand their horizons. Unfortunately, that is not the case as almost every major corporation in America continues to cut jobs hoping to reduce costs and help their bottom line. One day our socialist president will realize that it is the private sector that will stimulate the growth of this economy; not the government.
Historical Mortgage Rates – Are We Really at an All Time Low?
Mortgage Rate History – Is Now the Best Time in History to Refinance?
Tags: economic recovery > housing market > national association of realtors > socialist president
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2 Responses to “Obama Mortgage Plan Is Not Helping the Recovery”
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May 4th, 2009 @ 10:57 am
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May 5th, 2009 @ 6:48 pm
we (my wife and I) are buying a house, which makes us part of the pending sales, and the 8 grand, as well as the low interest rates were a big part of why we chose now to do it. Give Obama some credit.