Right Thinking From The Left Coast
Chance favors the prepared mind - Louis Pasteur

Thursday, August 05, 2010

Just when you think they can’t do any more damage..

You hear about stuff like this. I mean, this is for now a rumor, but the scary thing is that I have no problem believing these collectivist opportunist would resort to something like this to keep power:

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. Recall that on Christmas Eve 2009, the Treasury Department waived a $400 billion limit on financial assistance to Fannie and Freddie, pledging unlimited help. The actual vehicle for the bailout could be the Bush-era Home Affordable Refinance Program, or HARP, a sister program to Obama’s loan modification effort. HARP was just extended through June 30, 2011.

The move, if it happens, would be a stunning political and economic bombshell less than 100 days before a midterm election in which Democrats are currently expected to suffer massive, if not historic losses. The key date to watch is August 17 when the Treasury Department holds a much-hyped meeting on the future of Fannie and Freddie.

This is not government helping people: it is government encouraging bad behavior, rewarding those that engage in it at the expense of other, and most disgusting of all, government punishing those of us that did the right thing – practically always and without exception a side effect of bullshit liberal socio-economic policies intended “to help” people - and only serves to make things worse. I seriously hope this turns out to be a stupid rumor, and that these bastards are not going to, for the umpteenth time, screw those of us that have done the right thing and lived within our means, to buy votes and reward those that did not.

Posted by AlexinCT on 08/05/10 at 11:48 AM in Elections   Election 2010   Left Wing Idiocy   Politics   Law, & Economics  • (0) TrackbacksPermalink
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