They Both Got it Wrong – Housing Economy Views and News 2/24/2010 – Bob Zartarian
First it was New York, now it’s Washington. Unfortunately both got it wrong.
It’s not controversial to say that overzealous Wall Street types created fancy financial instruments that blew up Housing and ultimately the Economy. Let’s also remember that Washington types jumped in and instructed banks to make loans that didn’t make sense either. So Wall Street with Washington’s “encouragement” worked together to bring it all down.
Now the music’s stopped; we’re faced with high unemployment for years to come except now Washington is the old New York. Instead of Wall Street derivatives bringing us down we have massive Washington spending programs led by Health Care Reform and Cap and Trade looming. And then there’s taxes – old ones, new ones and those old ones ratcheted higher that will drain the pocketbooks of consumers. Without a vision of a solid future past job creators are holding back – with what’s going on why do otherwise? Turns out those Wall Street types aren’t so stupid after all. This time banks aren’t following Washington’s lead with easy credit and catching lots of heat for it.
Both got it wrong before. Hopefully Washington, the new New York will listen to the American people who appear to be saying our lawmakers must stop spending in a no growth, high debt and deficit, no job creation economy. We need years of good old fashioned common sense – that will restore confidence and the jobs that will lead us out of this morass we’re in now.
Bob Zartarian These views are strictly my own
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