I know when we fail to learn from history we doom ourselves to repeat it but you would think we’d still remember the housing bubble since it only burst and caused massive economic damage a few short years ago. Apparently not:
Amid global economic woes and a struggling jobs market lies a silver lining: Mortgage rates have fallen to the lowest level in at least 40 years, giving the housing market a much-needed boost in Minnesota and across the country.
The rate for a 30-year mortgage is 3.62 percent, less than half of the historical average.
For crying out loud the only thing we need is for some shill at Freddie Mac to come out and tell people how great of an opportunity this is… damn it:
“It’s just an incredible opportunity,” said Frank Nothaft, chief economist for Freddie Mac, which tracks national mortgage rates.
So we’re going to do it? We’re going to repeat the same bad economic polices that lead us into the current economic crisis before we’ve even managed to get ourselves out of said crisis? No lessons were learned? The idea that giving cheap money to people in the hopes they’ll buy a home is still considered solid? I guess if something doesn’t work we must try it again, only harder!
By Thor in Valhalla, we’re screwed. If the idiots in charge of economic policies can’t even learn lessons from things that happened a few short years ago there’s no hope.