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Where is uncle Sam? Why isn't he watching this [short sales] and have control on it? Why allow the lending institution to do whatever they feel like giving crazy mortgages or short sales why is it up to them? 
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85 Comments on "Daddy, Make Him Stop!" Why Uncle Sam Isn't the Answer in a Free Market
Great post Mike! Someone said: "The market will go up, and it will go down." That is true whether stock market or real estate market. After years of high property appreciation, reasonable minds would expect some market correction, as it probably can't keep going up forever. So I agree from a micro point of view.
But.... in a macro view... Uncle also needs to share in the blame on how we got here. Environmental acts that caused our manufacturing operations to close due to clean air and water acts. Uncle's rush to join into NAFTA, GATT, SEATO, and other alpahbet treaties that shifted our good paying jobs to other countries where there are no clean air or water or food safety acts. Government officials that profited personally through moving our American companies offshore through the Overseas Private Investment Corporation (OPIC). Instead of asking for govenment bandaids, we should be holding our representatives accountable.
Plenty of blame to go around, but we as a country need to reinvent ourselves and bring back good paying jobs so that Americans can begin once again raising our standard of living. Without those jobs, we continue to spiral down to the super wealthy elite and the lower class, with the rapidly disappearing middle class.
Hey Mike...What's with the subliminal responses?
Only thing I want to add is a minor correction...A representative republic. The prevention of mob / hysterical rule is a cornerstone to our system of governance. Long-forgotten, but still somewhere out there...;)
Hi Mike, thanks for all the great reading and info you provide.
placeholder to respond; I've been under the weather for a couple of days.
Mike in Tucson
We don't need more rules/laws, we don't need more government agencies to keep us on track, and we don't need Uncle Sam to make sure we don't make bad, or even stupid decisions. I love the points you make and could not agree more. Sometimes it just needs to be said.
Thanks for being a believer in freedom.
Dan Dillashaw, REALTOR
Virgil Adams Real Estate, Inc. Olympia, WA
www.SouthSoundLiving.com
Mike: This is a really good post. This is fresh in my mind as the President just signed the stimulus bill and it will affect mortgage limits. Most people just don't understand the implications of the bill on the simplest level (Every limit is not going up in the 700s), but what about the unforeseen consequences? Who will buy the loans on the secondary market? How will the loan limits affect mortgage rates?
It reminds me of the auto manufacturers giving away 0% loans. The time came where it wasn't economically sustainable, but they couldn't wean the consumers away from it.
Sometimes, when government steps in, the cure is worse than the disease. I wish folks would stop crying Uncle and let things stabilize. The more Uncle steps in, the longer the correction will last. Can you say '1990s Japan'?
The Larry Kudlow Creed:
"Free market capitalism is the best path to prosperity."
Hi Mike,
I didn't see this one but I did today! Oh do I love this post! Thank You.....Thank You for reminding those who forget what we Americans are all about!
Mike, I found this post a year later and it is still true and will remain true as long as we remain free.
Nicely done.
Merry Christmas to you and yours and my very best wishes for a fantastic 2010.
Bill,
Thanks for digging this old post up! I had a good time reading it again, especially in light of today's political climate where our elected politicians are raiding the chicken coop!
Mike in Tucson
Good point. We need less government control, even in times of trouble. The role of Government should be to protect our liberties, and nothing else.
But, but, but some in our country want to protect us from ourselves, and that means we may not be allowed to fail.
Kevin,
There's no force on earth that can keep everyone from failure. Either individuals will be allowed to fail or succeed, or the society as a whole will fail. Look at what's happening right now with the Teachers Unions in Wisconsin and Ohio. The few want the masses to support their lifestyle. It's going to get interesting.
Michael,
Well said!
Mike in Tucson
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