The Obama Administration is looking to make home ownership easier for Americans. Come again? It is working to get banks to ease lending standards to provide home loans to those with “weaker” credit. So, in anticipation of the summer movie season, get ready for Mortgage Meltdown: The Sequel. It used to be that only good movies were worthy of sequels. Not anymore. At least The Hangover, Part II took place in a different location. Mortgage Meltdown: The Sequel will once again originate from Washington, D.C.
You would think that banks would be a little skittish about the whole prospect. After all, this was a bad idea whose time came and went. To ease the concerns of the banks, the Obama Administration has told banks not to worry about loan defaults, that’s what taxpayers are for, especially since the Dodd-Frank bill codified the whole too big to fail concept into law. The executives over at Fannie Mae reacted soberly to the news and indicated it will study the administration’s proposals carefully. Nevertheless, loud shouts of “Party like a rock star” were heard to be emanating from inside the corporate offices of Fannie Mae.
You may recall the many times then-candidate and later President Obama blamed the financial crisis on the “failed policies” of the Bush administration.” While one can quibble with how much blame can be attributed to the Bush policies (some, but there was plenty to go around), Obama’s implications were explicitly clear. Like every other malady that has befallen this administration, whether it is high unemployment, trillions more in debt, Joe Biden as Vice President, the Solyndra debacle, shooting 2-22 on the White House basketball court during the annual Easter egg roll, it all remains Bush’s fault. (In basketball, like politics, he always goes to his left.)
Does Obama think Americans are really just a bunch of gullible saps? Well, yes. And given the results of the 2012 election, who could argue?
Many scribes already have or soon will incorporate the oft repeated phrase “Those who fail to learn history are doomed to repeat it.” Yet, I don’t think that applies here. The economic crisis isn’t history, it’s an hour ago. It’s not like being an adult and not placing your hand on a hot stove because you recall doing that as a very young child. It hurt and you burned your hand. Rather, it’s putting your hand on a hot stove, realizing that it hurt and you burned your hand, yet immediately telling yourself, “That stove is really hot, I think I burned my hand so I’d better touch it again.”
You would think this administration would look at the havoc caused the last time we decided people with bad credit should get mortgages. Apparently, this is a bunch of slow learners. Actually, they are very slow learners. For instance, after four years in office Obama just recently realized that the Constitution “constrains” him. Well, we’re pretty sure that was the whole idea. Most presidents have that part well understood before taking office. He must have skipped that part when he was teaching his constitutional law class.
If this really bad idea returns, what other bad ideas might we see resurrected? Let’s consider a few examples:
A Justice Department aide suggests funneling guns to Mexico again. Eric Holder wonders if they should actually try to track the guns this time. Nah.
The National Hockey League decides that the lockout at the beginning of the 2012-2013 season, the one that cost them almost half the season, was a really good idea. They decide to do it again next year.
Japan wonders if it should bomb Pearl Harbor one more time. World War II didn’t end that badly for Japan, right?
NBC (I think they’re still a network) decides to boot Jay Leno off the Tonight Show again. Sure, like that’ll ever really happen. Um…
Bad ideas should not be repeated. That’s why we call them bad…ideas. With Mortgage Meltdown: The Sequel, we can expect bigger losses than that lousy Jim Carrey movie (I know, redundant), Bert Wonderstone. Only this one will cost the taxpayers – again.
Curtice Mang is the author of the new book, The Constitution – I’m Not Kidding and Other Tales of Liberal Folly. He can be contacted at www.mangwrites.com, where one can also purchase his book; or contact Curtice at mangwrites at cox.net.