Lou Barnes is about ready to jump out an office building’s window, I think.
He’s totally freaking out over the credit / lending crisis, fearing we are in for tough economic times, unless someone does something. Fast.
Like, Depression.
And he doesn’t have much faith in those with power to deal with the problem:
The worst of the week was Federal Reserve Chairman Ben Bernanke’s anti-inspirational appearance before Congress …
… The confidence-damaging aspects of the testimony was the man’s demeanor, and the void of ideas. He sat in half-smile (not Dubya’s smirk, but too close) until a very annoyed congressman from Baltimore broke from describing foreclosure pain in his district to snap at Bernanke, “You seem very calm about all this.” Throughout, the chairman seemed no more engaged than a man taking notes for a future book …
His recommendation? Government intervention. (gasp!)
The best quarantine for housing: refi bad loans to good, cheap, high-quality, low-risk, long-term, fixed-rate. If that means dropping a fixation with market solutions in favor of government guarantee, well, that’s where Fannie came in, in 1938. Late, that time.
More: Housing needs restoration of new credit – By Lou Barnes, Inman News, by way of Mortgage101.com
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