A lady walks into a bridal store and tells the clerk she is wanting to purchase a wedding gown for her third marriage. The clerk congratulates the lady and asks what style and color she was considering? The lady said she wanted a long white gown and veil.
The clerk said he didn’t mean to be forward, however white typically represents ladies who have maintained their innocence. The lady responded she in fact had maintained her innocence. The clerk asks; how so?
The lady said her first husband tragically died of a heart attack in anticipation of the honeymoon following the wedding service. What of your second marriage the clerk asked? Oh, he was a Democrat who sat on the edge of the bed for four years telling me how great it was going to be, but nothing ever happened.
Regrettably under the radical Democratic leadership of the Obama administration too much has happened and it hasn’t been great like their promises.
Even Ben Bernanke had a moment of clarity this week when he said; the housing market remains depressed. Thanks Ben for a rare moment of honesty and clarity. The Obama stenographers in the liberal mass media were dumbstruck after telling us year after year how housing is rebounding.
The Case Schiller report came out this week and shared that home prices inched up in May. The Index rose 2.2% in May for a year over year .07% decline. Everyone gets loopy over prices beginning to rise from the ashes of the Phoenix? After only two months of anemic increases?
The most exciting news for the week however was when the director of FHFA Edward J. DeMarco rejected Tim Geithner’s incentives from Treasury to write down the principal balances of underwater mortgages. Geithner a devout Obama man has never met an opportunity to waste taxpayer money he didn’t like.
At stake here is more than the trillion dollar risk to taxpayers. Geithner and Obama see the opportunity to use all those Treasury dollars to incentivize Fannie and Freddie to order banks to accept a refinance option writing down the difference between what is owed and what the home is worth for hundreds of thousands of home owners.
A moment of sanity from D.C., as rare as rain in the Midwest came when DeMarco said no. Why? The good people who continue to make their payments as agreed would have every incentive to stop making payments and wait for their write down too.
In other words, Obama and Geithner want to incentivize bad behavior, which according to DeMarco, would encourage more bad behavior. Who could have guessed that? Not Obama or Geithner.