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More Government Oversight; That Oughta Do It:

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Message Mike Folkerth

Good Morning Middle America, you King of Simple News is up and at ‘em.

Thank goodness the federal government has now recognized our problems and is taking immediate action…right after the election or as soon as they are finished arguing, which ever comes first.

Do you know what Kindergarten and Congress have in common? They both take lunch and recess very seriously. Congress takes far longer recesses and lunch can cost as much as your house payment, but otherwise the two are comparable.

I suppose there is one other difference, Kindergarten kids learn from experience, while Congress rarely experiences learning.

Congress and King George have determined that greater government control and oversight governing America’s financial criminal activities are just what the doctor ordered. I hate it when they do that. After all, they are the criminals.

Foreclosures are on the rise, home prices are falling and jobless claims are rising which was summed up by President Bush as, “We will win in Iraq if it takes every dime that you have.”

Thankfully, Hillary Clinton has a plan to raise those dimes that we have, by bringing back the jobs that her husband shipped overseas with NAFTA and the WTO, and has also promised to bring back the buffalo to the Sioux Nation. Once elected, three new government jobs will be created in Detroit and a zoo with two buffalo will funded for the Sioux.

Back to our plight, a study of ancient history has revealed to me that George “Badlands” Bush, Alan “Cash” Greenspan, and “Bronco” Ben Bernanke, all told us way back in 2006 and again in 2007 that, “the housing crisis is not big enough to bring down the entire economy.” And, “it will make a soft landing.” This would be similar to saying the Hindenburg disaster was, “A small thermal event.”

I remind you that ol’ Cash and crew lowered the Federal Funds Rate to 1% in June of 2003 and left it there for a year! Cash also passed out money like pamphlets at a real estate convention. This is called, “purposely induced inflation.” Or, “an inflation based, ill conceived, economic recovery of a dead horse,” whichever you prefer.

So what did this little maneuver accomplish? Exactly what it was supposed to accomplish; a giant housing bubble that was mathematically unstable, ill conceived, and unsustainable in the minds of even the dimmest economists.

In fact, the mind of the King of Simple pointed this out some two years before housing collapsed. I once more credit my brilliance to a pretty darn good 8th grade math teacher.

What this clever move really did was bury the middle class for all time, but “all time” is not how our government keeps time, it’s the mean time, that’s important. Because in the mean time, this crafty maneuver created a false unsustainable wealth in personal shelter. For those who don’t recognize the term, “personal shelter” that’s your overpriced house.

As the bubble grew and grew, so did jobs and tax collection; why end the party early? The only element that went wrong with the plan was a failure of step 3 to occur. Step one was, lower interest to ridiculous levels and pass out money nearly free. Step two was, all of the fools will borrow the money and build homes beyond their means. And step three was, “and then there will be a miracle.”

Wake up Middle America, the crooks are making up new rules.

 

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Mike Folkerth is the author of "The Biggest Lie Ever Believed" and is not your run-of-the-mill author of finance and economics. The former real estate broker, developer, private real estate fund manager, auctioneer, Alaskan bush pilot, (more...)
 
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