Posted on 03/05/2009 2:49:48 AM PST by Scanian
PRESIDENT OBAMA'S mortgage "rescue" initiative gets only four things wrong.
But those flaws are so major, they negate any good that the plan would do.
Here's what's wrong:
* The plan requires homeowners who have scrimped and sacrificed to pay their mortgages to bail out their less responsible neighbors.
* It sends the wrong message to children about dealing with the consequences of decisions.
* It does little to keep a major portion of the refinanced loans from going back into default.
* It addresses only a fairly small part of the housing crisis that has so damaged our economy.
All are serious failings, but the first is probably the worst.
By most estimates, about 91 percent of mortgages are currently paid on time even if homeowners have to drastically cut back on everything else to meet their obligations.
(Excerpt) Read more at nypost.com ...
I cannot express how FURIOUS I am about this!
Obama’s message is like FDR’s—you’re responsible for your neighbor, you damned selfish cheapskate, so open up that wallet!
Me too! This program really is a middle finger for responsible people.
Roosevelt! You're my man!Unbeknown to most, we are going down the same road we did 80 years ago.
When the times come
I ain't got a cent
You buy my groceries
And pay my rent!--Richard Wright
That’s funny, for some reason I don’t think of that poem, I do think of “Deutschland, Deutschland über alles.”
He never had responsible role models and was then given entitlement status either by gramdma's money or donors sending him to private schools. As my friend the former social worker says, this guy as a kid probably never had a sip of kool-aid.
This is a norm to him to treat those as dysfunctional as him the same way, rather than use a tough love approach.
To para-phrase Ronald Reagan, "who is minding the store". As every day passes ( especially his econ team ) it is not just him that he is incompetent, but his entire team is. This is a dangerous combination......
I don't like what the government is doing to me, but I really get angry when they work counter to my job number 1 which is raising good kids.
Yep. Every good citizen is tightening their belt and Washington is on a free-fall spending spree. Obscene.
I’m sure this commie scum administration has designs on controlling our homes and families too.
read
Check out the post from yesterday re. Zer0 as suffering from narcissistic personality syndrome. He fits the description to a T, as did most of the last century’s worst tyrants.
The Obama administration is a middle finger to non-PC people, non-ACORN people, non-minority people everywhere.
What should America expect after giving the keys to the kingdom to the “N’er-do-well Party”?
Without my asking for it, I received a fat contract in the mail three days later. On reading the fine print, I noticed it was an adjustable rate with many perilous clauses, and tossed it in the trash. Instead, I cut spending to the bone and lived very frugally for three years. It worked.
Now, I am being asked to subsidize those who signed those contracts.
so am i. we were planning on buying a high end foreclosure
property. now the opportunities may just be dragged out.
Good analysis. Like many sons and daughters of the rich, or grandsons of the rich in Obama's case, he never earned his wealth and never knew how difficult it can be to create wealth, but instead fed off previously created wealth and developed a weird resentment toward wealth builders.
I think he knows that raising the marginal rate now is a direct tax on job creation at a time when unemployment is rising with frightening speed. Why is he going ahead? I don't think it's partisanship. He turned 180 degrees on Iraq when it served his purpose.
I think he, along with many other leftists, has a weird desire to punish the rich, and it doesn't matter how much the poor and middle class have to suffer to make it happen.
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