Owning a home doesn't help the working poor when the value of their home falls below the amount owed. It may be impossible to calculation the emotional damage inflicted on working families from the "help" provided by Washington, but it's not funny pulling the carpet from under someone's feet.
When the government-created housing Ponzi scheme finally came to its natural conclusion, we have the situation we are in now. Did most learn anything? No, of course not, Congress was too busy pointing the finger at bankers and Wall Street. The fact that lenders were only acting on the conditions the government created was unsurprisingly left out.
We don't need more government intervention in the economy, what we need is a lot less. The idea that the government can actually help the economy is ignorant at best,
Progressive taxation is the worst kind of theft because it is the most de-incentivizing type of tax. removing the incentive to build wealth lowers the overall GDP and standard of living now and into the future.The founding fathers never intended for the government to take the labor from some and hand it over to others that bureaucrats hold to a higher value. The government is also not efficient in the process. The ending result is that quantitative easing lowers the overall wealth of the nation and prolongs the hardship faced by the citizens. It encourages Washington to continue without making the budgetary reductions needed. It is the encouragement that is the real danger. Quantitative easing prolongs the pain allowing Washington to continue spending money we don't have, on programs that lower the wealth of the nation. Worse still is the fact that increasingly larger amounts of money are borrowed to pay for the process. Indentured servitude awaits Americans not even born yet, and for benefits they will not receive. Advocating more government intervention into what is left of our free market with QE3 is like your drunk college buddy suggesting that the best Sunday morning cure is "biting the hair of the dog". Common sense tells those of us that are older it only prolongs the eventual misery while curtailing productivity. It's time to live within our means, pay our bar tab, and clean up the mess created in Washington by administration after administration who took the public for suckers. It is time to tell legislators that we will do not believe it is the governments place to borrow against future generations so that we can temporarily raise our standard of living. After two Sunday morning bloody Marys with beer chasers, we still have a pounding headache, and a third bloody Mary isn't going to help, the same can be said about QE3.
At the time of publication, the author held no positions in any of the stocks mentioned. This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.