The Spectacle Blog

Obamanomics Apocalypse: FHA and the Next Mortgage Meltdown

By on 9.5.09 | 3:57PM

Readers impatient for the frightening news -- FHA delinquencies above 14% and the prospects of yet another mortgage catastrophe -- should feel free to click through and see for themselves. However, it may be worth a minute of your time to recall that it didn't take an economic expert to see this disaster coming:

All of which is to say that the failure of the deficit-funded bailout-and-stimulus agenda of Obamanomics was clearly predictable from the outset. There was never a shortage of critics who warned that this neo-Keynesian approach to economic policy would fail, producing stagflation instead of recovery. Now we see that the unemployment rate is at 9.7% and even "prime" borrowers are feeling the mortgage crunch and -- as David Hogberg of Investors Business Daily was the first to report this week -- the Federal Housing Administration's effort to patch up the housing bubble has left taxpayers on the hook for what promises to be . . . The Mother of All Bailouts.

Don't say you weren't warned.

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