March 21, 2012
The Foothills Focus
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real people Continued from page 15 in their financial system. And, just like the U.S. politicians, European leaders refuse to fix the problem the only way it can truly be fixed and that is through years of austerity, hard work, and saving. Instead, like our own Fed, the ECB is flooding the world with printed money. The extra cash pouring into the global economy may help keep stock markets higher for a while, but sooner or later the game will be up. Then just as the housing and consumer credit bubbles popped, this giant bubble will pop too. There has never been a more important time to distinguish between truth and propaganda. Far too long too many Americans have believed in the fallacy that central bankers like Bernanke are beholden to the American public. The trouble centers around the fact that the desired result of the Fed is not designed to actually benefit the commoners, but instead it keeps Big Banks Big and allows politicians to continue to spend the tax payer’s money. Meanwhile, Big Ben, the Ivy League professor who has spent his entire life in academia / government, thinks he alone knows which levers to pull that will make the economy flourish again. The American people want to believe their leaders are doing what is best for them, but sadly this is just another delusion. Those in government are not protecting you, they are not taking care of you and they are most certainly not providing anything to you that is free. It is time that collectively we wake up to the reality that nothing is free in this life. Despite what George Bush or Barney Frank said, we are not entitled to own a home. Despite what President Obama declares, there is no such thing as free healthcare. Every dollar the government has was taken (or borrowed) from someone else. Everything government does has a cost and sadly the final cost of an arrogant government and a delusional public will be an imploding economy. Do not forget that the same folks telling you everything is now fine are the same ones that in 2005 said, “We’ve never had a decline in house prices on
a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s gonna drive the economy too far from its full employment path, though.” ~Ben Bernanke I could give you a dozen more quotes that show this guy has no clue or more precisely he has no intention of helping you. This should come as no surprise since he’s an economics professor that doesn’t believe in the law of supply and demand. Instead, he believes a healthy economy is driven by artificially propping up home prices and then recommending that homeowners borrow against their homes. He is also an advocate for forcing banks to make loans to subprime borrowers and then when many of those same homes are foreclosed on by Fannie and Freddie, he suggests the solution is to initiate bulk discount sales of these homes to his friends in the .01 percent so they can turn around and rent them to their former owners. You may also recall that in 2008 on the campaign trail then Senator Obama said, “The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents, #43 added $4 trillion by his lonesome, so that we now have
over $9 trillion of debt that we are going to have to pay back; $30,000 for every man, woman and child. That’s irresponsible. It’s unpatriotic.” This came from a man who has now run up the deficit to more than $15 trillion in three years. I am curious to know if he thinks that is irresponsible and unpatriotic. Additionally, Obama’s housing solutions have cost tax payers well more than $30 billion with very little to show for it. All the while, Fannie and Freddie have lost $160 billion of your tax dollars since 2008. And, as I wrote about last week, the FHA just announced they will require a taxpayer bailout for the first time in their 78 year existence. In the end, the massive government spending and the tripling of the Federal Reserve balance sheet has done exactly what it was intended to do - save Wall Street and the Too Big To Fail Banks. Sadly the $ trillions spent (wasted) have done little to benefit the economy or those fighting to hold on to the American Dream. Again, I urge you to wake from the land of delusion to recognize that there are still dark storm clouds all around. Do not trade awareness for the appearance of safety and security. Robert Holt, CDPE/SFR of The [HOLT] Group, RE/MAX Sonoran Hills. For info, visit TheHoltGroupAZ.com or call 623-748-9583 and tell us your thoughts.
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