More 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.
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.