In 1644 Rev. Samuel Rutherford published LEX, REX, The Law & the Prince to demonstrate that the natural law is above the King, Some 364 years later The Invisible Hand Blog is born after a historic election a Reagan Conservative born in the 60's molded in the Reagan years begins this blog to demonstrate the God given Unalienable rights given to every person by God. God bless the truth and let the truth be raised.
MORAL HAZARD: OBAMA'S MORTGAGE PLAN is LIKE NEW CARS FOR DRUNK DRIVERS
"I DON'T HAVE TO WORRY ABOUT PAYING MY MORTGAGE"
NEW CARS FOR DRUNK DRIVERS
The Headline reads, OBAMA's NEW PLAN NEW CARS FOR DRUNK DRIVERS,(Hey, this might just BAILOUT GM, FORD, & CHRYSLER)everyone would be up in arms in disbelief, but this is how Chris Martenson of the CRASH COURSE compares the MORAL HAZARD of Obama's Foreclosure Plan.He takes a look at it from an economic standpoint…
This is throwing good money after bad, and, worse, by seeking to “shore up sinking house prices,” it betrays a complete ignorance of the actual root of the problem. Blaming sinking housing prices for the fix we are in is equivalent to blaming the car for the drunk driving wreck. If Obama were to craft a similar program for drunk drivers, it would include new cars for any that happened to wreck their own.
In addition, Martenson says that from moral standpoint, this bill…
…is a complete disaster. The clear implication here for every sentient person is that it pays to be reckless. Moral hazard is written all over this one. I can easily envision millions of people arriving at the same conclusion: “I need to stop paying my mortgage right away so that I qualify for a handout!”