Wednesday, August 04, 2010

HAMP'D

Political reporters usually like finding "administration failures," but they mostly ignore the biggest piece of shit of all, the HAMP program, which not only failed to help many people but ultimately made life worse for a lot.

Some sort of mandatory principal reduction, either through bankruptcy or some sort of carrot-and-stick program through Treasury, was necessary. And it isn't just individuals that are suffering, it's damaged the broader economy.