Tuesday, August 24, 2010

Running up the score...

As housing sales plummet, it may be instructive to draw some parallels:

"Sales of previously occupied homes plunged last month to the lowest level in 15 years, despite the lowest mortgage rates in decades and bargain prices in many areas."

Try this:

"Sales of new high risk pool insurance plans plunged last month, despite the fact that they are readily available and require no underwriting."

Moving on:

"The irony is that, in failure, the GSEs (Fannie Mae and Freddie MAC) have become more important than ever. Private lenders, which once regarded a mortgage secured by a home as a highly safe investment, now see it as highly risky."


"The irony is that, in failure, ObamaCare© has become more important than ever. Private insurers, which once provided insurance to some 85% of those not insured by the government, now find themselves unwilling to issue plans on children because of onerous underwriting handicaps."

Of course:

"This means that sudden withdrawals of support might deepen housing's depression."


"This means that sudden withdrawals of plans and carriers from the market might lead to even more uninsured."

Shall we go on?


"The single-minded promotion of homeownership failed and, paradoxically, undermined the American dream."


"The single-minded promotion of providing health insurance to an additional 10-13% of Americans has failed and, as intended, undermined the American dream."

That about sum it up?

[Hat Tip: Ace of Spades]
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