A BAILOUT BY ANY OTHER NAME IS STILL A BAILOUT!
Here we go again. Obama proposed today to spend another $10 billion to bailout underwater homeowners. This is in addition to the money he’s already thrown at the miserable housing market. The money he’s already spent has done nothing to help. So what does the Bailer in Chief do? More bailing, again and again and again.
And he wants the banks to charge a fee to pay for another ill conceived program. Does he not understand that any fees the bank charges will just be passed on to all of their customers? So Americans end up paying to bailout people who are in over their heads.
The program works like this. The banks will be forced by government mandate to refinance mortgages for borrowers whose interest rates are higher than what Uncle Obama thinks is fair. As many as 11 million borrowers may qualify for the scheme. Banks would be REQUIRED to reduce mortgage balances for homeowners whose mortgages are more than 140 percent of the value of their home. This new provision is supposed to be part of the already passed HARP (Home Affordable Refinance Program) legislation. But Google HARP. See what a failure it’s been. The new Bailout provisions are projected to save eligible taxpayers up to $3000 for the average borrower. To quality? You must be current on your mortgage. Well, excuse me, but millions of Americans are not current on their mortgages. They’ve lost their jobs. They can’t find work anywhere. They are losing everything. Lowering their mortgage balances and interest rates won’t help them. The biggest question? Why would Obama bailout homeowners who are not in trouble with their mortgages? VOTES! He’s feeding the beast that he thinks will elect him again. He’s buying votes with bailout money. So what’s new?
The banks can pass along the fee, making banking more expensive for the rest of us, and if they can’t collect enough fees to cover their Bailout losses, then oops, here we go again; Obama will just bail out the banks again. Any way you look at it, Americans are going to foot the bill for this stupidity.
Obama’s attempts to bailout the housing industry have only prolonged hitting the bottom, and the housing industry will not recover until it hits the bottom. Bailouts will not help. Jobs will help. Like the Keystone Pipeline, like drilling for oil in the Gulf of Mexico, like opening up every energy resource we have. No, not green energy jobs that he favors. Most of his “pet” companies are already bankrupt, dragging trillions of our tax dollars with them.
Bailouts will only add to our increasing deficit, which will be close to 4 trillion dollars for fiscal 2012 – added to the 16 trillion already spent. But what the heck does Obama care? He’s added over a trillion dollars every year since he took office. What’s another four, five or more? He’ll be out of office and won’t have to deal with the destruction he’s causing. Maybe he’ll go back to wherever he was born. We can always hope.
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