The President’s “Screw Your, Renters!” Bailout Unveiled
Today, my President unveiled a plan to use my money to make it much more difficult for me to buy a house.
He released his mortgage bailout program today, designed to help 9 millions homeowners. The plan has two major goals: to keep housing prices high by bribing companies to renegotiate mortgages that aren’t in any trouble at all; and to bail out people who agreed to mortgages they couldn’t afford by paying them to live up to their obligations.
Both of these things will prevent housing prices from falling to reasonable levels and will punish the approximately 30 million people in this country who rent the places where they live.
Reward 9 million people who do not deserve a reward and punish 30 million people who do not deserve punishment.
Yeah, that’s a great idea. Clearly, the President has not thought his progressive nanny state theories through very much.
Meanwhile, the stock market thinks this new bailout plan, coming hot on the heels of the vote-buying bill, stinks on toast. The folks in the market are probably trying to figure out how spending $8,333 per person is going to keep the value of their houses inflated or pay off what they owe. They’re probably thinking that this is only the tip of the bailout iceberg and that there’s a ton more spending coming. But what do we care about what those Wall Street fatcats think, huh?
Other Posts of Interest:
- Our Economic Groundhog Day
- The Bailout is Now A Trillion Dollars More Expensive than World War II. The Madness Must Stop
- Mitch McConnell, the Democrats’ Best Buddy (Update: BOHICA!)
Category: President Barack Obama, The Economy and Your Money
