Obama to destroy America by himself; says Congress takes too long
No, that’s not a direct quote. If it were, I would have used quotation marks. But if the rumors are true, it’s not terribly inaccurate.
Main Street may be about to get its own gigantic bailout. Rumors are running wild from Washington to Wall Street that the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth. An estimated 15 million U.S. mortgages – one in five – are underwater with negative equity of some $800 billion.
In other words, our wannabe-dictator of a president is considering ordering Fannie Mae and Freddie Mac, the semi-private-but-not-really mortgage companies, to bail out homeowners who have negative equity in their homes. Why is he considering doing this? Because his approval ratings are in the low forties so he needs to make those that voted for him think he’s man of the people (while his wife uses our tax dollars for paper-mache in Spain). Also, Congress would take far too long to vote on this, if it ever did, so he’s going all Stalin on us.
As I mentioned above, while Fannie and Freddie are made up of private shareholders, they’re exempt from all sorts of otherwise-annoying stuff: like paying taxes and having to deal with the SEC, for example. Also, while they’re not explicitly backed by the federal government, everyone pretty much agrees they’re backed. So, what’s going to happen when they “forgive” some of the debt owed them? No, not magically sprout wings and fly to the end of the rainbow so they can grab some of the leprechaun’s gold. That can only be done once a year. That’s right, they’ll get/lose/burn more taxpayer money. How do I know this? Because they’re still floundering after receiving more than $135 billion in bailouts they’ve already received.
I’m not going to lie though, I’m kind of impressed by our little dictator. Think about it. He’s devising a way to throw billions of taxpayer dollars at homeowners who don’t even need it (they’re not in foreclosure, just under water) without even going through Congress to do it. He’s a little bit like Parker Lewis. If only he could devise a way to get us all free healthcare, I’d be sold!