The American Spectator

The Spectacle Blog

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:

• It Won't Work December 8, 2008
• Dept. of It Won't Work December 24, 2008
• CBO: 'It Won't Work' February 5, 2009
• It Still Won't Work February 9, 2009
• Got Malaise Yet? February 9, 2009
• The Fiscal Trap of Hope February 15, 2009
• Karl Rove: 'It Won't Work' March 6, 2009
• The Fundamentals Still Suck May 4, 2009
• Bank of America $35 Billion Short? May 6, 2009
• The Obamanomics Electric Kool-Aid Acid Test May 29, 2009
• Guess What? It's Not Working July 7, 2009
• Dr. Bernanke's Prescription July 13, 2009
• Goldman Sachs and the Next Bubble July 13, 2009
• U.S. Will Pay 'Long Time' For Bailout and Deficits, Says Author September 2, 2009

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.