A Patriotic Response To The "Clown Prince;" 02/04/2012
District of Corruption
February 4, 2012
Over the last couple of weeks, I’ve been traveling around the country and talking with folks about my blueprint for an economy built to last. It’s a blueprint that focuses on restoring the things we’ve always done best. Our strengths. American manufacturing. American energy. The skills and education of American workers. And most importantly, American values like fairness and responsibility. We know what happened when we strayed from those values over the past decade – especially when it comes to our housing market. Lenders sold loans to families who couldn’t afford them. Banks packaged those mortgages up and traded them for phony profits. It drove up prices and created an unsustainable bubble that burst – and left millions of families who did everything right in a world of hurt. It was wrong. The housing crisis has been the single biggest drag on our recovery from the recession. It has kept millions of families in debt and unable to spend, and it has left hundreds of thousands of construction workers out of a job. But there’s something even more important at stake. I’ve been saying this is a make-or-break moment for the middle class. And the housing crisis struck right at the heart of what it means to be middle-class in this country: owning a home. Raising our kids. Building our dreams. Right now, there are more than 10 million homeowners in this country who, because of a decline in home prices that is no fault of their own, owe more on their mortgages than their homes are worth. Now, it is wrong for anyone to suggest that the only option for struggling, responsible homeowners is to sit and wait for the housing market to hit bottom. I don’t accept that. None of us should.
[What I'm not telling you: Most of those lenders who sold loans to families that couldn't afford them, were the recipients of extreme pressure from Freddie Mac, Fannie Mae, the Department of Housing and Urban Destruction as well as regime members and those Members of Congress with the most to gain with the placement of as many mortgages as possible!! All this pressure afforded said lending institutions very little in the way of profits; those most needed to satisfy their fiduciary responsibilities toward stock- and bondholders. Basic logic explains the reasoning behind the bundling of toxic mortgages: It gives the lender a method of getting out-from-under those loans they'd never collect on. The mortgage bundling put the onus of collection on those greedy owe-bamacRATics in the private sector looking for double-digit payoffs as they continued the sales on down the line!! These toxic sales continued until said owe-bamacRATics found no greedier 'guppies' further down the 'food-chain!' As the citizen should be aware, there's not an owe-bamacRATic--including myself--that will EVER take the blame; EVER take a loss if the federal government, the federal congress can be cajoled into taking financial responsibility.
One of my few NEAR-truisms of the week:
'The housing crisis has been the single biggest drag on our recovery from the recession.'
To start with, this 'recovery' is probably the thinnest in recorded economic history; at least since the FDR-era, federally protracted recovery. The housing crisis has been a drag on any hoped-for recovery, primarily because of federal meddling with market forces; bailouts, TARPs, HARPs, et al. A far better solution for the entire economic kerfuffle is to let the logic of market forces act in the ways they should. Rather than buying auto companies--and then giving 37% of the federal ownership to the union hierarchy--they should have been left to the consequences of said market forces: bankruptcy! "Bankruptcy" is not a four-letter word!! Bankruptcy serves a very useful purpose in basic economics; it allows for the subject company to restructure liabilities into re-payable expenses in a timely manner; it allows the boards-of-directors to weed out ineffective board members as well as ineffective members of management at all levels; it allows the boards to re-write an outdated, unmanageable business plan. Housing foreclosures allow the same changes on a personal, family level.
Now IS THE TIME to allow market forces to take their toll, such as it may be. Now IS THE TIME to reinstitute that basic American value: personal responsibility. The foreclosure issue and it's seemingly devistating effects IS--at least partially--the responsibility of the individual homeowner. Many are those underwater homeowners who bought--against all human logic--during the housing bubble of seemingly ever-rising home prices.... They Couldn't Lose!!! Ah, but they did as a result of their personal greed-there'd always be another greedy fool to sell their home to! At some point along the line, there's a last fool. Those who've been caught as that 'last fool' are now looking to the federal government to bail them out much like the aforementioned auto industry. This should not be the theme of the day: Bailouts for Votes!!]
That’s why we launched a plan a couple years ago that’s helped nearly one million responsible homeowners refinance their mortgages and save an average of $300 on their payments each month. Now, I’ll be the first to admit it didn’t help as many folks as we’d hoped. But that doesn’t mean we shouldn’t keep trying. That’s why I’m sending Congress a plan that will give every responsible homeowner the chance to save about $3,000 a year on their mortgages by refinancing at historically low rates. No more red tape. No more endless forms. And a small fee on the largest financial institutions will make sure it doesn’t add a dime to the deficit. I want to be clear: this plan will not help folks who bought a house they couldn’t afford and then walked away from it. It won’t help folks who bought multiple houses just to turn around and sell them. What this plan will do is help millions of responsible homeowners who make their payments every month, but who, until now, couldn’t refinance because their home values kept dropping or they got wrapped up in too much red tape. But here’s the catch. In order to lower mortgage payments for millions of Americans, we need Congress to act. They’re the ones who have to pass this plan. And as anyone who has followed the news in the last six months can tell you, getting Congress to do anything these days is not an easy job. That’s why I’m going to keep up the pressure on Congress to do the right thing. But I also need your help. I need your voice. I need everyone who agrees with this plan to get on the phone, send an email, tweet, pay a visit, and remind your representatives in Washington who they work for. Tell them to pass this plan. Tell them to help more families keep their homes, and more neighborhoods stay vibrant and whole. The truth is, it will take time for our housing market to recover. It will take time for our economy to fully bounce back. But there are steps we can take, right now, to move this country forward. That’s what I promise to do as your President, and I hope Members of Congress will join me.
[What I'm not telling you: This latest proposal from my regime is nothing more than the 2009 $300 checks the regime issued as individual payments to those who chose to breathe the air! A regime-scheme to entice more voters into the owe-bamacRATic fold; to sway their choices as to who's the most helpful to their individual situation. It started in Detroit--as reported by WJR newsman Ken Rogulski--as "owe-bama money!" The various--mostly miscreant--recipients had no idea the original source of the money.... only that it came from me, from the gracious hand of "Clown Prince" owe-bama!! The federal government, me-the "Clown Prince" of Amerika, cannot give away, spend, allocate the first 'red-cent' until and unless we--the federal tax system--first confiscate it from a working individual or investor!!
Congress' passing legislation IS NOT the answer!! Congress in session is the LAST THING the American taxpayer wants or will benefit from!! If they're in their home districts; their home states woo-ing the constituents, they're not in the District of Corruption, dipping their hands further-and-further into the private; the taxpayer's figurative 'pants-pocket!!' More Congressional 'help' will only serve to put the American Citizen; the American Taxpayer further in distress with respect to paying off the national debt.
The American economy--the free-market system--will only continue to suffer with added tinkering. To improve the current climate, conservative principles are needed, rather than those socio-fascist, marxist principles exercised during my regime. They clearly--with incontrovertible evidence--have not worked!! What will work are tax cuts; cuts deep and permanent! As the President Bush-43 tax cuts--and the "Ronaldus-Magnus" tax cuts before him--have proven: with said DEEP tax cuts, more monies flow into the treasury than without them.]