The irony of all this is that is has effectively turned a mortgage into a debt that’s as safe as a government bond.
The country runs on debt. Debt growth that outpaces value creation is not a good situation. Perhaps I am spitting into a hurricane. In our (sort of capitalist with excessive regulations) economy, sometimes a market recession is necessary to correct excesses and poor decisions of the “investors”. It should have been allowed to happen in 2001, in 2008, and if the government wants to shut down the economy, then let it happen now because they would all get voted out. But consider ....
The excesses in helicopter money starting in 2008 was for two purposes - (1) to save the big money players (average person did not benefit); and (2) to make sure that obozo did not fail as the 1st black POTUS and do something a community organizer would do if faced with a choice of letting the system correct itself. No modern day POTUS will tolerate a recession. HW had (a weak) one timed for the end of his term that helped Mr BJ. After 911, W didn’t want to argue with demonkraps on fiscal control, which blunted the opposition’s criticism and helped his re-election. But W was forced to have a recession at the end of his term by the demonkraps in the House in order to get the empty suited, teleprompter elected. Obozo effectively put in place what W was trying to get passed in 2008. The money-obsessed part-of-the-rich demonkraps would not support it til their bozo got in there to take all the credit.