RSSMore Government Spending: Obama Unveils $275 Billion Plan to Shore Up Housing/Mortgages … Fannie Mae and Freddie Mac Bail Out
CHANGE YOU CAN BELIEVE IN … REWARDING THOSE FOR DOING WHAT THEY ARE SUPPOSED TO DO …
“The biggest outrage is that the president’s plan actually will use taxpayer money to pay people to do what they are already supposed to do — pay their mortgage” (AL Senator: Richard Shelby)
And some say that because we talk about politics, we are not a crime blog. Wake up folks as what is being perpetrated upon you is a real and true crime.
When will the Obama government spending stop, why do we keep rewarding people for failing and who is going to pay for all of this? Does John Q. Public really think that the government pays for these bills? Your children and grand children will be paying these bills. Start printing up the Obama dollars and wait for inflation to set in.
Obama just got through passing a 787 billion stimulus “pork” spending plan and now he unveils a $275 billion mortgage payment bail out. Is anyone adding all this up as I have run out of fingers and toes to count? Fannie Mae and Freddie Mac, the very institutions that caused much of the credit/mortgage crisis are being bailed out to reek havoc on America again. WTF!
U.S. President Barack Obama pledged $275 billion to cut mortgage payments for as many as 9 million struggling homeowners and enable Fannie Mae and Freddie Mac to keep loan rates down.
The plan includes $75 billion to reduce monthly payments for borrowers, helps homeowners with loans owned or backed by Fannie Mae and Freddie Mac to refinance at lower rates and promises incentives to industry. Obama will double by $200 billion funding available for Fannie and Freddie to buy loans.
“It will give millions of families resigned to financial ruin a chance to rebuild,” Obama said today in Mesa, Arizona. “By bringing down the foreclosure rate, it will help to shore up housing prices for everyone.”
Rewarding the very institutions that caused the failures. What a sick sense of irony. It is a sad situation that people cannot pay their mortgages; however, how is that the fault or the obligation of tax payers? As it is “We the tax paying People” struggle every day to make ends meet and try to live our lives in a fiscally responsible manner adhering to a budget. Yet, we will now have to not only pay our bills but other irresponsible people’s as well? Unbelievable, talking about redistribution of wealth.
Senator Richard Shelby of Alabama, the top Republican on the Banking Committee, said the plan is “nothing more than a lender bailout” that puts a burden on taxpayers. “The biggest outrage is that the president’s plan actually will use taxpayer money to pay people to do what they are already supposed to do — pay their mortgage,” Shelby said in a statement.
One thing is for certain, I do not ever want to hear in 4 years that Obama’s policies have not had time to work and he needs 4 more years. These spending policies may cripple the United States for decades to come. For 8 years Democrats railed against GWB for his over spending. Frankly, many Conservatives did the same as government spending got out of control. However, Obama and the Dems answer is to spend even more. There’s a solution. So much for caring about the cost of the federal deficit.
UPDATE I: Wholesale inflation takes biggest jump in 6 months
What did we just say above about waiting for inflation to set in? Wait until the overspening kicks in.
Inflation at the wholesale level surged unexpectedly in January, reflecting sharply higher prices for gasoline and other energy products.
UPDATE II: Is the Administration Winging It?
Ya think? From failing at vetting cabinet nominees to signing the largest spending bill in American history, Barack Obama is flying by the seat of his pants and is do over his head it is not even funny.
Team Obama was winging it when it declared the stimulus would “save or create” 2.5 million, then three million, then 3.7 million, and then four million new jobs. These were arbitrary and erratic numbers, and they knew there’s no way to count “saved” jobs. Americans, being commonsensical, will focus on Mr. Obama’s promise to “create” jobs. It’s highly unlikely that more than 180,000 jobs will be created each month by the end of next year. The precise, state-by-state job numbers the administration used to sell the stimulus are likely to come back to haunt them as well.
Posted February 19, 2009 by Scared Monkeys Barack Obama, Crime, Economy, Main, mortgage, Politics, WTF | 41 comments |
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41 Responses to “More Government Spending: Obama Unveils $275 Billion Plan to Shore Up Housing/Mortgages … Fannie Mae and Freddie Mac Bail Out”
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yep, the beginning of reparation. here goes our tax dollars wasted on fannie & freddie again.
The guy just stinks to high heaven !!! Some one please take him out !!!
I mean to lunch
This is sickening.
Time to realize that Obama is simply acting
as a referee in a ‘fixed’ game. He decides how
much of one (productive/responsible) person’s
earnings he will award to someone on the
losing team. ‘Fouls’ are created, rules changed,
penalties imposed, and so on at the whim of
the referee. Once the competition is neutralized
in this fashion it is no longer a game…it’s
serious business with Big Brother controlling
his cattle.
Why, yes, it IS good to be the King!
Kansas will be the next stop on what I hope will be the eventual march on Washington D.C.
Anyone near Overland Park, Kansas (either side of the river) should join us at Dennis Moore’s Overland Park office: at 10:00 am on Saturday, 2009. Moore’s office is located at 8417 Santa Fe Drive, Overland Park, KS 66212.
Moore is one of many little piggies who went to Washington DC and voted for the giant Pork = U Less bill.
Trying again:
Kansas is the next stop on what I hope will be the eventually march on Washington D.C.
Anyone within driving distance of Overland Park, KS, come join us at 10:00 am on Saturday, 2009. Moore’s office is located at 8417 Santa Fe Drive, Overland Park, KS 66212.
The hoe that gave birth to the 8 babies is $23,000.00 behind in her mortgage or her mothers mortgage but she could afford $100,000.00 for fertility procedures ??? I cant but help wonder how many people like this will get fat from all the pork.
#6 Katablog
I couldn’t resist digging up this old Beatles song, but it needs to end with pork!
“Have you seen the little piggies
Crawling in the dirt
And for all the little piggies
Life is getting worse
Always having dirt to play around in.
Have you seen the bigger piggies
In their starched white shirts
You will find the bigger piggies
Stirring up the dirt
Always have clean shirts to play around in.
In their styes with all their backing
They don’t care what goes on around
In their eyes there’s something lacking
What they need’s a damn good whacking.
Everywhere there’s lots of piggies
Living piggy lives
You can see them out for dinner
With their piggy wives
Clutching forks and knives to eat their bacon.”
You dumb bastards wanted this p{edit} for your President. You dumb bastards got ‘em. Enjoy!
Silly little repugs saying nay for the sake of saying nay.
In the last two months of 2008 Hank Paulson got and gave away 350 billion, and Ben Bernanke opened up the Fed spigot(without congressional approval) for 800 billion. All the money went to banks that are now sitting on the money. So that is one trillion dollars that went to the banks and I heard nary a repug whine about that.
Do you folks know who are losing their houses?? Try veterans whose families and their finances have been decimated by these 2 trillion dollar wars we are fighting (Three trillion dollar repug spending if your’re counting but you are probably not) Also, try small business owners who have seen their income cut by 2/3 because no one is buying. You’re “irresponsible homeowner” is a myth just like your welfare queen was a myth.
What is your solution to get the economy going?? More tax cuts? Let’s see Bushit gave 2 trillion in tax cuts to the wealthiest 1 % and all you delusional repugs thought it went to you. So we have 2 trillion dollars in worthless wars, 1.1 trillion dollars to banks and 2 trillion in tax cuts to the wealthiest 1% of the polulation .After 5 trillion dollars of a raid on the Federal treasury that resulted in this mess we are in, you repugs are now concerned about and call “Pork” on 700 billion in spending to feed people, provide healthcare, build roads,buy cars, build schools, send kids to college and make up for repug governors screw ups (see Florida , California, South Carolina, Minnesota who are all running billion dollar deficits,). You repugs cannot count, have never been able to count and are absolutely disasterous with your delusions about how the economy should be run. You guys destroyed the country and you lost the last election big time as Uncle Dick would say. So quit your bellyaching.
___________
SM: So what part that you bellyached about in defending your God Barack Obama was a stimulus plan?
If you want to say it was social spending for children and the poor then say so … don’t lie and call it a stimulus package. Just come out and say you want a Socialist America controlled by big government. Do I think corporate America can be corrupt, sure they can. But its nothing compared to the federal govt and their wasteful spending.
BTW, you lose all sense of credibility when you cannot string a sentence together without an insult.
This is what America has foolishly done … provide off the wall Liberals with power. We will be feeling the damaging affects of this for decades to come.
Oh yea … Cuz Ronald Reagan did such a bad job out of getting us out of Carter’s malaise!
R
the 92% of us that keep our morgtgage paid up will be punished because of the lowlifes that won’t pay their mortgage but have a 30,000.00 chevy tahoe with 5,000.00 worth of chrome wheels .
this is pure bs.
i also want the magic moron to pay back all the money i lost on my 401k.
we saw it on tv with the african girl saying that the moron was going to pay her mortgage and buy her gas. this is now what we are witnessing
#12- I agree ! What about the collective group of “us” as you say who HAVE paid our mortgages, on time and in full for years? Who have lost HUNDREDS OF THOUSANDS (my Husband) in their 401k’s after 20+ years of working to have that saved?
What happens to us, Obama? While I don’t blame THE CHOSEN ONE for the present state of our economy, these “changes” we can believe in do not help all of us…they enrage many of us!
Where is the incentive for those of us who are worthy? Can’t the Government lower the interest rates to free up many of the Foreclosed & Bank Owned Properties for good, hard-working people like us to purchase as Real Estate investments?
Simple, common sense answers but Nooooooooo! Just keep giving our hard earned dollars away and put the massive debt of others on our backs to carry??
Where are our incentives, BARACK?????? We’re tired of being used and screwed!!!!!!!!!!!1
So Democrats plan is because they perceive a wrong was initially done, to follow that up with another wrong?
Makes sense.
Let’s reward people who were given things they could never afford and bail out companies who were mismanaged.
So much for oversight.
R
#12 $30,000.00 ??? More like $50,000.00 with interest !!! And for the wheels you forgot the tires so add another $2,000.00 and then you forgot the $40,000.00 ski boat and the ATV’s
#11: Sweetie, I don’t know what news and blogs you read, but I can show you source after source of conservatives SCREAMING about the handouts to banks and unfettered access to OUR money. You can start with my blog, but there are hundreds, nay thousands more! You also seemed to have missed that the congress that gave all this power to Paulson and Benacke were Dimocrats!
Tax cuts: hmmm, that’s when you reduce the taxes of the people who PAY the taxes. You have a problem with that? Why? That is actually what stimulates production in a democracy. Of course the answer is that you would rather see a redistribution of the wealth. Take from the productive to pay to the non-productive to encourage them to stay non-productive. BTW, just who are you thinking the “rich” are? It was not just 1% who got the tax cuts.
If you really believe that $700 billion (oh and btw, it’s $879 billion on its face but translates to $3 trillion when you add debt service!)is going to “feed people, provide healthcare, build roads,buy cars, build schools, send kids to college” you are going to have a very SAD awaking. The majority of that money is going to build government buildings, give government more cars, make medical records electronic so the government can spy on your doctor and pay for a $8 billion light rail project between LA and Nevada. Feed your kids on that!!!!
Here’s the problem with your (and other people like you) facts – they ain’t facts, they are Dimocrat talking points that you and others fall for hook line and sinker because you are too damn lazy to really check for real facts. You are supporting your political party without any clue that you are being led down the prime rose path.
#12 & #14 I totally agree. This is ridiculous. Why do “we” the hard working taxpayers have to carry the load of the worthless, the lazy? How are we supposed to provide for our families when we are having to take care of everybody else? My husband has lost over $100k in his 401k. Is the government going to pay him back? Hell No. We bought a house that we could afford and we have made the payments every month for 21 years and never missed a payment. We bought vehicles that we could afford. We both work to put a roof over our families head and food on the table and clothes on their backs. I donate plenty of items and money to organizations to help others because I want to. I don’t like the government telling me how & where to spend my money. It’s mine. How will I benefit from this so called stimulus package? How will my family benefit from it?
#18… Thank You! Couldnt have said it better myself.
Well, if anyone has the answer to this crisis, it isn’t me.
That said, the more I think about it, the more I like the idea of which I read in The Wall Street Journal some time back.
Rather than focus on what has happened (i.e., all the loans at the big international banks that have gone bad), why not concentrate on getting the credit markets moving again?
Instead of trying to solve the balance-sheet problems of the big international companies like Citigroup (where, oddly enough, lots of ex-politicians seem to find a profitable home … that, of course, is totally unrelated to the issue of their being bailed out), why not take the money and put it in smaller banks, or even new banks? Let those banks that have accumulated the “toxic assets” either sell them off to someone who wants to take the risk or keep them on their balance sheets.
That, I thought, was how things were supposed to work.
This solution has as many problems as any other.
It’s said that most banks are actually continuing to lend (though not the banks that have received the bailout funds; they’re still cutting back), and that the real issue is with nonbank lenders.
And, of course, the problem with loans is … people and businesses aren’t borrowing money in large part because the economy looks too uncertain, and there is no point in expanding business capacity when so much of it is unused.
Maybe this is the answer: encourage arsonists. That way, as homes disappear, the market will stabilize.
My pet solution: raise the taxes on movies, television, and other forms of “entertainment” by the same percentages proposed for cigarettes, alcohol, and gasoline.
Oh, yes, I forgot … politicians like to hang around with movie stars, and our culture idolizes them. God forbid that we should put disincentives on the flow of money to ‘essentials’ such as movies and TV….
I read in one newspaper about a woman who bought a home that had an adjustable-rate mortgage. As has happened in so many cases, the interest rate rose to levels she had never imagined. Now she and her child face eviction as she can’t pay.
A truly unfortunate case.
BUT consider this as well: the article said that she has not paid one cent to the lending institution in TWO YEARS.
That, to my mind, is theft. Does she deserve to get taxpayer money because of her bad decision?
“Some say because we talk about politics we are not a crime blog.”
These days, is there any difference between politics and crime?
Are they going to help my sister pay for her car – it depreciated in value the minute she drove off the lot in it. It is now worth at least $3,000 less than it cost. Should her payments be based on the new market value? How many of you are still paying for your car? Same principle. This is craziness beyond craziness.
Okay, folks, it’s about time that we all shared a good laugh. If you can’t get it from this headline, which ran today, you just can’t laugh.
I AM NOT MAKING THIS UP.
Bill Clinton urges Obama to talk optimistically about economy
So now everyone here is assuming that everyone in finacial trouble right now is a low life/stupid/buy everything/have all the new toys & fancy cars kind of people?
That just isn’t reality.
We are in a mess here and all of this dribble about letting those who are in trouble fall is pure lunacy.
Whether you people like it or not failure is not an option.
What I can’t understand though is how so many of you so called “responsibly thinking” people are willing to roll the dice and do nothing.
That seems as irrational to me as if the total collapse of our financial system is a good way to teach people a lesson. That’s stone loco.
We gotta get the ship righted – doing nothing is not an option, imo.
Who said do nothing? The question is, what is the right thing to do … that won’t make the problem worse and pile even more debt on to what we have?
In re my post #25: Bill Clinton urges Obama to talk optimistically about economy …
I can’t help but remember the tune from the Monty Python movie “Life of Brian” …
“Always look on the bright side of life.”
There’s another good laugh line out today: President Obama has told the mayors of our cities not to waste any of the stimulus money.
From what I’ve learned about the mortgage bailout is that no one is getting a free ride. If you qualify you will be able to have your loan restructured. It is tha same program that Bush initiated in ’06 except this one is Barry flavored. The terms will be adjusted as well as the interest to lower the monthly rate. The borrower will still have to pay back the amount of the loan and the interest.
How the bailout money is going to be used in the mortgage bailout is beyond me, but I’m sure it is there to cover the loans until the lender is back on track. If that is the case the tax payer should be payed back as if we are loaning the gov’t our money to lend the banks.
Most of the other spending in the bill is just plain fat pork and socialist BS.
The Gov’t will decide if you are deserving of treatment based on your age and class. If that is not socialism it is something far worse.
With Barry in control of the census, you could pretty well imagine he could control what money goes where with no oversight. Do you think he could decide which hospitals and doctors will get the more money than others?
Wow, he could initiate engineered genocide if he wanted too, you know, the same thing that Bush has been accused of.
Personally, I am tired of all of them.. It is mind boggling the amount of money borrowed, printed or whatever in the last 6 months to reward millionaires who were greedy and crooked and a Congress that stood by and let it go on as long as they get their cut of the taxpayers money and a few more years in office. It is coming down to a class warfare between the rich and the working class.. The working class is tired of always being the most disrespected and the most called on to step up to the plate. I ask everyday what is my country becoming.. It’s all become about power and greed. Saw the FBI is strapped investigating 500 cases of corporate criminal activity. 38 so far have been charged. More money to Freddie and Fannie..oh brother and acorn.. When the homes were sold to people who couldn’t afford the homes to start with..
Just a few months ago some of the same people here thought it was nuts when John McCain wanted to take part of that money to refinance homes for people having trouble, now it’s great when Obama does it..5 million dollars a month unemployment in my state without jobs and they are worried about fixing the govt. buildings and a railroad from Vegas to Ca. The sickening part is many who were around and did nothing while it was going on, are still sitting in their govt jobs still and thinking they are better than the working class.
I am very much against this new bailout, and the first thing I did was email my thoughts to the White House by leaving a brief comment. They tally these up, and while the president won’t know my individual thoughts, he will know the collective thoughts of everyone who leaves a comment. http://www.whitehouse.gov.
#27:
Who said do nothing? (Majority that post here sans a few)
The question is, what is the right thing to do … that won’t make the problem worse and pile even more debt on to what we have? (Who knows, we’ve never been in a spot like this before with an economy as vast and tangled as the current one. Unlike others, I don’t pretend to know. I do know one thing though – for every brilliant/successful/world-renown economist/business person that believes “XXXX” will get us out of this collapse, there is a different brilliant/successful/world-renown economist/business person that believes the opposite of “XXXX”.)
#27 – Interesting that quite a few here are 100% sure they know exactly what is not going to work…yet they have no clue what will.
Blind partisanship?
HOPE, hope at last comes true for poor worthless and
irresponsible folks. Now, thanks to Obama’s generosity,
each of these ‘poverty’ types will be able to chose a SLAVE
of their own from the Redistribution Pool. A dedicated and
responsible person with some remaining wealth and that is
still earning money will be assigned. The Slave must pay
mortgages, health costs, police/fire/etc. services, food,
education, transportation, infrastructure, and more for
the new Slave Master. In addition, the Slave will move to
the back of the line at hospital emergency facilities. Until
Slave and his family are bled down to poverty, the Slave Master
and his family will live rather well. The Democrat government
will prosper on taxes and fees imposed for their ‘Services’
as well. All is good. The sun shines and the Good Lord
will provide!
Where do I sign up?
#19- Hi, Michelle Smith—While I can’t look in a crystal ball and predict our futures….I can tell you another thing we probably have in common….We will prevail through this whole mess!
IMO, the reason why is those same hard-working practical values we have held close all these years will come in to save our butts again. Still, it doesn’t make the pill any easier to swallow. Wish we had more answers-but I for one am not going to stand by dumfounded & numb! All we can do is continue to educate ourselves with the facts for financial & economic survival…and try to protect ourselves from further harm from this damn debacle. While our voices may be collectively filled with anger & disappointment, somehow I hope they can still be heard through all of the commotion. We are not going away!
NG from Boston
Quoth YoYo: “#27 – Interesting that quite a few here are 100% sure they know exactly what is not going to work…yet they have no clue what will.
Blind partisanship?”
I’d appreciate it if you could list those posters who say, as you put it, “are 100% sure they know exactly what is not going to work.”
I haven’t noticed anybody saying they’re certain about anything. What most of us are doing is using whatever brains we have to figure out what we think is the best course of action, and urging that the government pursue that.
Seems to me that doing this is the definition of a concerned citizen, hence a good citizen.
Or do you have an objection to that?
Most of us are model citizens, standing in
long lines to anonymously hand over the best
part of our life’s work to a person or persons
selected by our Democrat Government. Don’t
we just hate having to make those decisions
on our own with our personal treasure? This
way we know exactly how our dough will
be distributed…well, at least in general terms.
Big Brother does all the work for us.
What a load off our troubled minds!
#28 Rusty Bridges: That’s why you should READ the plan instead of listening to sound bites. Any “adjusted” mortgage cannot be for more than the value of the home. Therefore, if your mortgage was a 100% mortgage and you’ve paid no principle but it has dropped $40,000 in value (like in CA and FL), your new loan is adjusted to that $40,000 less figure. On top of it, your interest rate will be adjusted (but the government – read “We the People” will make up the losses to the bank). Your payments may be extended for additional years and again, We the People will make up the loss to the bank. Plus, We the People will pay the bank any where from $1,000 to $1,500 for renegotiating the loan and $1,000 a year for around 4-5 years. Add to that that We the People will pay the inefficient government to administer these adjustments AND We the People will sink a couple hundred billion into Fannie Mae and Freddie Mac to guarantee these new loans. The current rate of default on renegotiated loans is around 35%!
#27 Yo Yo: Well let see, we could
1) do nothing because we don’t know what to do;
2) Follow the GOP plan that was more tax cuts and less spending and cost 1/2 of the plan passed;
3) throw $800 billion at a problem we don’t understand and don’t know what will work.
Me, I’d vote for #1 or #2. The US Government has proved over and over again that its lousy at administering programs, encourages fraud and waste; and certainly doesn’t understand the problem (which has been described differently by hundreds of government voices for the last 2 years).
BTW, Slide show of Kansas Protest which is something else we can do.
Tea Parties are being planned all over the nation for next weekend, February 27, which hopefully will culminate in huge tea parties across the nation in July. Another plan is for mailing a tea bag (I would prefer a used one since money is tight) to the White House on April 1, 2009. See Michelle Malkin’s blog for plans in the works.
The sum of absolute incompetence displayed by this
now powerful group of leaders is astounding. By harping
on crises and fear, they purport to be intelligently attacking
the problem that was initially caused by carelessness and
lack of oversight in the first place, by carelessly (and with
lack of oversight again) spending away the financial future
of our children and placing the United States of America
in jeopardy in the process.
Just ignore the Constitution for now!
#36, sweet! that means I can go get refi’d for what my home is worth now and tax payers pay the banks losses? I wish I’d known that before the bottom fell out, I would have refi’d and bought a bunch of toys!
What a country!
Just kidding, but I see now how F’d up that is.
Right Knight, is it incompetence or all part of a plan?
This whole thing looks like an assault on hard working americans.
Why would anybody with money start a business in this climate now? Anybody that has a savings will be drained dry as their money gets filtered to less deserving.
All this crying about why help needy families keep their homes with taxpayer’s money blah blah.Have any of you stopped to think about how much money has been spent on the war just in the last few years?Who you think is paying for that if not the taxpayers?You think it’s right to fight for people’s rights in a country that has never done anything to help not one single american?Who does that benefit any of you?How does 200-300 billion compare to what has been spent on the damn war over in afghanistan?Sure,there is some lazy a***s out there that would not deserve any help at all,but the majority that would need help is just as hard working as any of you.Some might have lost their job and fell behind on payments,some might have lost their spouse and was left with i don’t how many children to raise on their own,etc.Why is that impossible?Why does every single person have to be a no good lazy a** blah blah blah..that’s caught in the mortgage crisis?To all you negative
butt holes,i wish you and your spouse will both loose your jobs,and be faced with what a bunch of honest americans are faced with every day because of it.Then come back to this site to read your own stupid bs.Oh i forgot,that could not ever happen to any of you right?Just keep paying for the war and do not help any americans ever!
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