I found this video in the article Romney: ‘Don’t Try And Stop The Foreclosure Process’.

If you had any doubts about my title for this post, look at the video

Besides being an a$$hole, he doesn’t know what he is talking about.

For instance, Medicare has a managed care program run by private insurers called Medicare Advantage. I know because I use it. It costs the government 15% more to get the private insurers to do the same job that Medicare does.

As for the trouble in the housing industry, Romney seems to be unaware that a big problem was the liar loans that the largest banks in this country foisted on unsuspecting borrowers. According to William Black, 90% of the lying was done by the mortgage brokers, not the borrowers. One authority calls this a fraudulent conveyance that got the borrower to put a house up for collateral for a loan that was designed to be unsustainable. His solution would be to make the contract null and void and just wipe out the debt owed to the originator of the fraud.

From a bank officer’s point of view, a liar loan had a lot going for it. It had a low, introductory, teaser rate of interest so the buyer could afford a home beyond his or her wildest dreams. The mortgage could then be packaged into a derivative and sold as if the mortgage had been issued at the final rate (which the buyer would never be able to afford). The bank’s officers got wonderful bonuses for making it look like the bank and the investors were making huge profits while the borrower didn’t have to pay much. When the whole thing collapsed, the bank’s officers got to keep the bonuses and the banks, the investors, and the borrowers were left holding the bag.