Tuesday, March 24, 2009
"Does Obama Know What He Is Doing?"
I'm sure many of us are also wondering that.
Historically, bad situations like economies recover on their own.
It's my belief that politicians are so desperate for accomplishments that they try to add their two cents to every aspect of our lives, hoping to eventually take the credit for those things that turn our right.
I see their behavior as a never-ending "rain dance", i.e. activities that precede a likely outcome...
Historically, bad situations like economies recover on their own.
It's my belief that politicians are so desperate for accomplishments that they try to add their two cents to every aspect of our lives, hoping to eventually take the credit for those things that turn our right.
I see their behavior as a never-ending "rain dance", i.e. activities that precede a likely outcome...
Dick Morris and Eileen McGann write at Townhall.com:
"But then came Obama's mortgage rescue plan, an equally flawed proposal. Clearly, Obama, liberal that he is, wants his rescue plan to work. He is anxious to bail out homeowners facing foreclosure. Those are his constituents, after all. But the mortgage rescue plan he has proposed will fall far short of the mark.
Incredibly, it excludes anyone who has lost their job and can't afford to make their payments, even if they were to spend 31 percent of their income trying to do so. If you can't come close to affording your mortgage, even if only because of a hopefully temporary loss of employment, forget about it. Obama is not going to help you.
Nor will he help you if your mortgage exceeds your home's value. One out of five mortgages now fall into this category. Obviously, the fall in property values occasioned by the depression will put more and more homeowners in this category. Certainly, a great many of those who need relief to keep their homes find that the amount of their loan exceeds the value of the underlying house and land. But they can expect no help from Obama's rescue plan.
Why would a liberal be so callous? Why would he leave so many out in the cold? Could it be that Obama simply lacks the competence to figure out how to help these folks? Could it be that he cannot devise a counter to his financial advisors who presumably wanted to exclude these folks?
And ... who induced these poor folks to buy homes they couldn't afford, anyway? It was the Clinton administration's Housing and Urban Development Secretary Henry Cisneros who urged Fannie Mae to spend 42 percent of its money buying mortgages for lower-income people and who suggested that they no longer require down payments. And it was his successor, Andrew Cuomo, who upped the ante to 50 percent of the Fannie portfolio. After Democrats inveigled people to buy homes they cannot afford, how can they justify passing a plan that excludes them from assistance?"
