In a sign of increasing exasperation with Republicans who will not, “Pass this bill now!” President Obama has decided to go around the reticent party of NO! and fix the economy on his own.
As reported at reference 1, Obama will announce two initiatives that will hopefully help repair the entrenched mess created by the disastrous Stimulus-1, which, as it turns out, was all about funding doomed-to-go-bankrupt ventures for campaign donors.
Obama’s new initiatives will focus on the housing and student loan crises.
The housing mess will be addressed by downgrading the requirements for refinancing mortgages, with less emphasis of loan-to-value considerations and more focus on empathy, leveling the playing field, closing the wealth gap, minority rights and other social justice actions best handled by moon bats in big government.
Hmmm. Isn’t that sort of fuzzy thinking directly responsible for the fact that millions of Americans are currently facing foreclosure on their homes?
Even more disconcerting, in order to assure a seamless program for “Re- inflating the Housing Bubble,” the President has decided to call on experts at Fannie Mae and Freddie Mac for help.
A curious choice, given the fact that Fannie and Freddie are bankrupt entities that thrive on greed and corruption while operating under the guise of helping the poor and near-poor.
In truth, these liberal-infested rat holes have created more ‘poor and near poor’ than they have helped.
Again, Mr. President, America has “Been There, Done That” with Fannie and Freddie: Millions are still paying for the malfeasance resulting therefrom!
With respect to student loans, the president has yet to announce specific goals or plans. However, it is a lead-pipe cinch that Obama’s reach out will become a “hand out” that will encourage less accountability and individual responsibility on the part of the beneficiaries.
In other words, another progressive program made necessary by the lingering failures of George W. Bush!
The fact that the student loan crisis is a red hot issue with Occupy Wall Street retards has NOTHING to do with Obama’s move-- Right?
While Obama prepares to jolt the American economy back to life by killing it with love, the pristine credit rating that America has always enjoyed, until Obama invaded 1600 Pennsylvania, is about to be downgraded AGAIN!
As reported at reference 2, in part:
The United States is in for another credit downgrade by year’s end if Congress fails to agree on a long-term plan to tame the nation’s $14.8 trillion debt, Merrill Lynch warned.Gloom and doom everywhere, right?
In a research note, the Bank of America unit predicts that either Moody’s or Fitch will move to downgrade the U.S. AAA rating. Standard & Poor’s cut the nation’s bond rating in August, causing the stock and bond markets to swoon, after months of bickering by Congress on how to best reduce spending and cut the deficit. The United States spends about 40 percent more annually than it collects in taxes.
“The credit rating agencies have strongly suggested that further rating cuts are likely if Congress does not come up with a credible long-run plan” to cut the deficit, Merrill’s North American economist, Ethan Harris, wrote in the Friday report. ”Hence, we expect at least one credit downgrade in late November or early December when the super committee crashes.”
However, bear in mind that this warning was issued before the Obama plan was announced.
Perhaps Obama’s “Re-inflating the Housing Bubble” and student loan handouts will help America avert the second historic downgrade on Obama’s watch?
Reference 1: http://www.reuters.com/article/2011/10/24/us-obama-economy-idUSTRE79N0J920111024
Reference 2:
http://abcnews.go.com/blogs/business/2011/10/merrill-lynch-warns-of-another-u-s-debt-downgrade/
