Kick The Can (Part 15,997,386,836,836)

clipped from www.qando.net After five years however, those government sponsored adjustable-rate mortgages will reset. The Obama adminstration promises they will reset at a moderate phased in level. But the loss of both the subsidy and the $1000 payment will automatically make the monthly payments much more expensive. What’s more, many market watchers expect interest rates will be much higher five years from now, putting additional pressure on mortgage rates. We could, in short, simply be prolonging the housing crisis. Nothing like kicking the can down the road 5 years is there? The hope, obviously, is that Obama is safely in his second term when this new crisis hits, and, of course, by then he can safely denounce those who default on their mortgages again as people who were given a chance but didn’t take advantage of it.

Now that I think about it, that number in the title seems inadequate...