Posts tagged with: pwned

Blog author: jballor
Wednesday, September 24, 2008
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I don’t think government ownership is what President Bush had in mind when he talked about his vision for an “ownership society,” which had ostensibly included a plank focused on “expanding homeownership.” But it looks like that’s where we’re headed in an era of government takeovers and bailouts.

For some background on how we go to this place, check out this 1999 piece from the New York Times (HT): “In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.”

All this seems like case of good intentions (increasing private ownership, extending capital access to the poor and oppressed) executed by means of bad policy (lowering credit standards for loans, bailing out failed corporations) resulting in negative (albeit unintended) consequences (foreclosures and bankruptcies).

Oh, and are you one of the people who didn’t borrow beyond your means? Guess what? You got pwned. As one blogger wonders, “Am I just a sucker or something to play by the rules? Are all of us who paid taxes suckers?” Think of that as the “pwnership” society.

Last night as I was driving to an appointment, I was listening to our local NPR affiliate here in Grand Rapids, and specifically to the show Marketplace. I happened to hear a story about how the government and economists were concerned that the money given to taxpayers via the “economic stimulus package” may actually be used for purposes other than retail spending, thereby not causing the intended “stimulus.” Not the first story of this sort that I’ve heard over the last few weeks.

The difference in this story was that it was being reported that the IRS was now being proactive in ensuring that the stimulus money was being spent “properly” by actually spending the money in advance for a certain class of taxpayers who had been identified as likely to not spend their rebates.

Naturally, I found the story outrageous. So outrageous, in fact, that I was talking back to my radio, and in fact probably talked right over the most important part of the story.

So today, when I noticed that Jordan Ballor had written a post on spending the stimulus, my mind immediately jumped to the outrageous story from the radio. I found the story link on the web, grabbed a few quotes from the transcript of the story that (I thought) I had heard in full, and posted away.

Only to have Jordan direct my attention a few moments later to the last line of the story:

Oh, c’mon, check your calendars, everybody.

Wow, did I feel stupid. Still do, actually.

Anyway, I didn’t have time at the moment to add a correction to the post as we were all busy packing up after today’s Chicago event, so I pulled the post off the blog. Now that I’m off the road, however, I’m re-posting it so that I can really embrace my stupidity. After the jump, enjoy a laugh at my expense. (more…)