What rising delinquencies and foreclosures demonstrate are obvious things folks in the blogosphere aside from me have reiterated over and over:
- You can't fix a problem caused by excessive borrowing by borrowing trillions more;
- Helping wipe out private finance for housing isn't a characteristic of a market economy;
- Massive losses by Fannie Mae and Freddie Mac indicate the rot of continuing patterns of government involvement in the US housing market;
So, may the fates deliver those participating in these housing shenanigans to a very, very well-deserved fate. Our only regret should be that the US isn't being slammed even harder. Thankfully, we're getting there. Quit this nonsense or suffer the consequences. Throw them out. Throw them all out.