He also said that people who make less money fall behind on payments at a much higher rate than richer people. Not only that, but the Fed Chair has apparently figured out that poorer folk are also more likely to lose their jobs during the recession.
“Lost income from unemployment is causing families to fall behind on their mortgage payments, Bernanke said.”
Oh, look everyone… the Fed Chair has figured it out! I think I’m going to cry. And it’s only 2011. See, I told you it wouldn’t take him until 2015 like many of you said it would. I’m just so proud of him, I could plotz. But wait… he had more to say…
“A wave of foreclosures has led to more vacant homes in neighborhoods. That’s further depressed home values, attracted crime and created financial burdens for local governments, Bernanke said.”
Oh my God. I think he’s trying to say that foreclosures breed foreclosures. That’s a clever phrase… now, where have I heard that before? And isn’t that an absolutely stunning revelation from the Chairman of the Federal Reserve? Where is he getting this stuff? If I hadn’t seen the sentences come out of his mouth, I wouldn’t have believed it. Did someone hire him a tutor and not tell the rest of us? Who would have ever thunk it? Go figure.
He also said that the housing market is holding back the economic recovery. Isn’t that wonderful? I feel just like I did watching my daughter learn to read… admittedly she was four years old at the time and Ben has a salt & pepper beard, but it’s the same idea.
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