Hampo, Harpo and Obamo

The three stooges, Hampo, Harpo and Obamo, set out to cure the housing crisis. Obamo told Hampo and Harpo to get busy and fix the problem. Hampo remarked, I will fix it by lowering borrowers interest rates. But lenders lost applicants' documents and people who had lost their jobs could not qualify for loans.

Then, Obamo sent Harpo in to solve the housing crisis problem. Harpo said, I will fix it by allowing owners to refinance their loans, but alas Harpo failed also.

If you are watching CNN, then you may know that HAMP and HARP are acronyms for initiatives created by Obama to solve the housing crisis. Some analysts agree that Obama focused on the wrong target. I agree. The only positive way is to simply have Fannie and Freddie write down the principal balance on the loans, a step that would have forced large losses on banks and government controlled mortgage companies.

The stooges preferred to soak the consumer rather than soak the banks. Now where is that consumer advocate fellow when we need him? He is making sure the banks rewrite credit card agreements in large print. He is focusing on the wrong target too.