The Wall Street Journal last week reported that the Obama Administration is looking at taking over foreclosed homes and renting them out to try and stabilize the housing market. I suppose that they have not yet learned from government interference in Fannie Mae and Freddie Mac that this just does not work.
What is wrong with a natural market correction? Right now you have homes and other property in some parts of the country available at dirt cheap prices. This is the right time for individuals and businesses to acquire property and refurbish a new home or start a business. Tales of ten dollar houses have created economic activity in Detroit, a city left for dead five years ago. Big bankers' bad decisions are potentially a big deal for individuals and entrepreneurs. Why continue to reward the people who created this problem? Why not let the little guys use the free market to establish themselves in whichever way they see fit?
Obama, get out of the free market. Cut spending. Cut taxes. Stop helping your supporters and stomping on the little guy. And watch how fast this economy takes off. Our biggest economic problem is Obama himself.
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