The collapse of our economy back in 2008 can largely be traced back to the federal government’s meddling in the housing market through Fannie, Freddie, and the Community Reinvestment Act–all of which focused on giving home mortgages to those who couldn’t afford or qualify in the fair and open marketplace. As a result, demand for homes went up and therefore the cost of homes went up. This is how the housing bubble was created.
Unfortunately, because all of this was built on what became toxic mortgages, the bubble burst, home values collapsed, and suddenly a whole lot of people found themselves upside down–owing more on their mortgage than the house was worth.
This was the fault of the federal government, and anyone who knows anything about how the market works also knows that this problem will not remedy itself until the free market has the chance to make a full correction. But after nearly three years of fiddling with with the trifecta of failures known as ObamaCare, green energy, and the stimulus, Obama has decided to pretend he’s interested in the economy again by reinserting the federal government into the housing market with another disastrous idea that will only forestall the market correction needed to help the economy recover.
And yet, if you rely on Brian Williams and NBC Nightly News for information, you would think that the only thing wrong with Obama’s idea is that it’s too small:
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Nowhere in that clip is there a single warning of what it could mean for the housing market if the federal government reinserts itself into the very same mess it created. Nowhere in that report is there a single criticism of Obama’s big government solution other than it not being big enough. And Brian Williams isn’t finished. In the following segment, he actually doubles down.
Pay special attention to CNBC’s Diana Olick’s jaw-dropping closer:
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Yes, you heard that right. Matter-of-factly, Olick floats this idea as though it’s only common sense:
[The Obama plan] does not restore consumer confidence in housing market prices because it does not put a bottom on prices.
It’s bad enough that she laments how limited and targeted the Obama plan is, but she actually sounds as though she takes seriously the idea of the federal government regulating how low home prices should be allowed to go.
Talk about a recipe for disaster.
But this is how far gone the MSM is. Brian Williams and NBC News aren’t even willing to consider the idea that Obama’s plan is bad policy, bad for the housing market, immoral to those of us who didn’t invest stupidly, and a major overstep on the President’s part.
The only other side of the story NBC News sees is that the same federal government who got us into this mess isn’t doing enough, isn’t helping enough, and isn’t expansive enough.