Can the government save our housing market? We’ll find out
I hate relying on the government to do anything. I prefer my legislators simply stay out of the way.
Maybe that’s why I’m a bit nervous about the $75 billion foreclosure relief plan that the Obama adminstration launched yesterday.
I mean, I live in a state — Illinois — where one governor currently sits in jail and a second was just impeached. That second governor will probably be joining his peer within a year. Forgive me, then, if I’m less than impressed with the job that government does when it’s supposed to be helping us.
The Obama plan, which is summarized nicely in this story in the New York Times, could help 3 million to 4 million homeowners avoid foreclosure. The key word here is “could.” If it does accomplish this lofty goal then, yes, the $75 billion price tag will have been worth it.
I voted for Obama last year. I even stuck an “Obama” sign on my front lawn. But, to be honest, I was most excited about seeing the country finally elect someone who wasn’t a white male. I figured that if Obama won, the door would then be open to candidates of all races, religions and, of course, both genders.
But Obama as a politician? I’m still not sold. See, he rose to power through Chicago and the state of Illinois. And both the city and the state aren’t exactly known for the honesty of its politicians. No one rises here without being willing to fight dirty once in a while.
So far, I think Obama’s done a pretty good job. Yes, it’d be nice if he’d stop nominating candidates for his cabinet who don’t know how to pay their taxes. But otherwise, I appreciate the fact that Obama is at least trying to do something to stem the recession. His predecessor, whom I believe will go down as one of the worst presidents in U.S. history, did absolutely nothing to prevent or at least lessen the sting of the housing crisis and the recession. You could make a good argument that the Bush administration actually helped cause the financial mess we’re in now.
I’m not happy with the Republicans, either. Seems that after eight years of allowing the deficit and the federal government both to balloon in size, the GOP has little room to criticize Obama’s admittedly free-spending ways. It’d be nice if Democrats and Republicans could work together. The country is, after all, in need of real leadership today, not petty in-fighting and posturing.
Will Obama’s spending ways help save the economy and provide a boost to the housing industry? I have no idea. I’m actually a bit fearful that the only way to get through the recession is to let nature and time take their course. But if there’s even the slightest chance that Obama’s latest $75 billion plan will help families avoid losing their homes, then that’s a risk I’m willing to take.
