There seems to be a number of people arguing against the just revealed plan to pump $75B into mortgage relief. This seems to serve two purposes, one of which I support.1. The first purpose is to provide critical and well thought out feedback to those crafting the plan (Geithner, Summers, Volcker, et al). This is important when crafting any strategy as it is plausible that people miss things.
2. The second purpose seems to be another attempt to derail all things Obama by creating false outrage regarding moral hazard. The folks at CNBC seem to be especially capable of this. They claim to be speaking for "people out there" but in practicality are using their platform to voice their own concerns, which is fine...if you're not claiming to speak for me.
In reaction to "America's opinion" it seems to me that the majority of Americans are now fully aware of the problems we face and the negative externalities of nosediving aggregate demand, endless foreclosures and perpetual banking malaise. I sincerely doubt that most Americans with performing mortgages, jobs and adequate savings are worried about the govt intervening to help out under performing mortgages and the unemployed, regardless of how they got there. Why? Because the formers rose colored glasses no longer exists and it's the rare American who believes that they are untouchable by this crisis.
