“The Obama ‘stimulus’ has failed to achieve its always unrealistic and yet essential goal of propping up home values closer to their bubble highs. Housing prices are still deflating to more realistic levels. The irony is that we should have just let prices hit the bottom without intervention in the first place, and we would already be in recovery. Now, Obama and Bernanke have prolonged the recession in housing by avoiding this necessary correction. They wanted a soft landing and, well, they got one. Good job.
“We have wasted more than $2 trillion on a lie. The American people were sold the bailouts on the basis that they were saving the value of their homes, and what they are learning now is the only effect of propping up failed institutions was to reward those who failed so remarkably. The proper course of action was always to allow a market-based correction to run its course, even if that meant allowing financial institutions that bet poorly on housing to fail.
“Now we are in a double-dip recession in housing, which Obama promised would be avoided if all his policies were implemented, which they were. Obama got everything he wanted, and he has failed. Unemployment remains high, home values continue to slowly contract, and the so-called ‘recovery’ is nowhere to be found. America needs new leadership, and less government ‘assistance’ that only makes the problems it claims to address even worse.”
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