Mish Shedlock uncorks on the Obama administration’s grand plan to fix the entire housing market by waving a magic loan-modification wand over it:
The idea that you can do something at no cost to fix the housing market is pure lunacy. I am not sure which of the following terms applies best:
1. Holy Grail of Housing
2. Free Lunch
3. Perpetual Motion Device
4. Fountain of Youth
5. Pain with No Gain
I like number 1 best, but 1, 2, and 5 are solid choices.
Actually, we kind of like a variation of number 3, Perpetual Motion Device Housing Policy of the Month.