{"id":75806,"date":"2020-11-11T05:20:00","date_gmt":"2020-11-11T11:20:00","guid":{"rendered":"http:\/\/www.shotinthedark.info\/wp\/?p=75806"},"modified":"2020-12-21T05:38:23","modified_gmt":"2020-12-21T11:38:23","slug":"intended-consequences-3","status":"publish","type":"post","link":"http:\/\/www.shotinthedark.info\/wp\/?p=75806","title":{"rendered":"Intended Consequences"},"content":{"rendered":"\n\n\n

Remember President Obama’s Cash for Clunkers program?\u00a0 Trade in an old
car for a more fuel-efficient one, get up to $4,500 in federal rebate
money.\u00a0 Your clunker was crushed.\u00a0 The effect of the program was to
distort the used car market, driving up prices of starter vehicles for
the young and poor, making it harder for them to get to work.\u00a0 The
distortion took months to settle out.<\/p>

Remember the Obama administration pushing mortgages for minority
borrowers?\u00a0 It was actually possible to get into a house with less
out-of-pocket investment than getting into an apartment; I saw lots of
examples in the land records.\u00a0 The effect of that program was to distort
the lending market and when sub-prime mortgages crashed, it took a
decade for the foreclosures and bankruptcies to settle out.<\/p>

Governor Walz issued his Stay Home order closing businesses and throwing
more than a million Minnesotans out of work (we know this because a
million people filed for unemployment, which is not available to youth,
part-time, casual, contract or small business owners; therefore, the
total who lost their incomes is much, much higher).\u00a0 The mortgage
delinquency rate is the highest in 20 years but Congress put
foreclosures of federally insured mortgages are on hold and Governor
Walz imposed a moratorium on evictions. The effect is to distort the
housing market again.\u00a0 There’s a flood of foreclosures and evictions
coming down the pike as soon as the pandemic restrictions are lifted.\u00a0
That flood will cause a slump in home values as lenders dump foreclosed
homes, which will drive home prices down, which will be reflected in
worse economic numbers for whomever is President at the time.\u00a0 It may
take years to settle out, again.<\/p>

None of this was unforeseen.\u00a0 The foreseeable consequences of the lock
down were ignored in order to gin up support for mail in voting to make
the election easier to steal.\u00a0 The cost of that decision is going up
every day.<\/p>

Joe Doakes<\/p><\/blockquote>\n\n\n\n

This is what happens when there’s no real check on power. <\/p>\n","protected":false},"excerpt":{"rendered":"

Remember President Obama’s Cash for Clunkers program?\u00a0 Trade in an oldcar for a more fuel-efficient one, get up to $4,500 in federal rebatemoney.\u00a0 Your clunker was crushed.\u00a0 The effect of the program was todistort the used car market, driving up prices of starter vehicles forthe young and poor, making it harder for them to get […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57,416,1],"tags":[423],"class_list":["post-75806","post","type-post","status-publish","format-standard","hentry","category-economy-and-the-market","category-covid19","category-uncategorized","tag-the-endless-emergency"],"_links":{"self":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/75806","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=75806"}],"version-history":[{"count":1,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/75806\/revisions"}],"predecessor-version":[{"id":75813,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/75806\/revisions\/75813"}],"wp:attachment":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=75806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=75806"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=75806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}