Must "Clown Prince" Continue Demonstration?!?
Since "Clown Prince ZERO-bama, the Narcissist" came on the political scene in Illinois, he's been "the most inexperienced guy in the room." Throughout his 143-day U.S. Senatorial term he continued to display inept inexperience. Now that the presidency has been purchased for him, the demonstration continues.
Seemingly--and most probably--never having read the complexities of the 2,300-page Dodd-Frank monstrosity, he continues his 'blame-game' with the republicRATs; blaming them for 'detesting simplicity' as Dodd-Frank relates to the housing and mortgage industries. The Dodd-Frank legislation created the Consumer Financial Protection Bureau (CFPB); the "Clown Prince" circumvented both the Constitution and the Congress by appointed Richard Cordray as it's first director with the Congress still in session. The CFPB vastly complicates both lenders' and comsumers' lives by--among other demands:
1) Requiring lenders to report 'tons-and-tons' of new data relating to race,
2) Requiring studies on the fairness of the FICO credit scoring system,
3) Requiring an 'Office of Fair Lending' to police banks and 'target areas of greatest risk for discrimination,'
4) Requiring and overseeing a 'diversity czar' in each federal financial agency, including the Fed and it's twelve regional banks.
All this additional bureaucracy adds exactly zero-point-crap in protecting America from another housing/mortgage kerfuffle!! Essentially, it provides yet another avenue for more-and-more "Clown Prince" political payoffs!!
With his remarks during a 'taxpayer-funded' campaign stop in Falls Church, Va., the "Clown" continues to blame everyone but himself and the regime's owe-bamacRATic henchmen who promoted housing-at-any-cost, instead blames the lenders who approved inappropriate mortgages (albeit, at the regime's demand!); blamed lenders who bundled and sold those illogical mortgages in an attempt to recoup some of the anticipated losses they were forced into. But.... no blame for the "Clown Prince!!"
As the nation enters into HARP (Home Affordable Refinance Program) Number 3 or 4, those promoting the various programs--the owe-bama Regime--are doing so to 'cash in' on the additions to their voter bases. Judging by the lackluster participation of the first couple of HARPs, said voter bases won't be all that enhanced!! As "Clown Prince ZERO-bama, the Narcissist" blames everyone but those at fault, he increases pressure on Freddie Mac and Fannie Mae to make even more unrecoverable mortgages than they have in the past!
Mitt Romney--both campaigning in Nevada and during last Tuesday's debate--is proving he understands 'the free market system;' at least a far better understanding of the concept than "Clown Prince ZERO-bama, the Narcissist." During an editorial board meeting with the Las Vegas Review Journal, Mr Romney said:
"As to what to do for the housing industry specifically and there are things you can do to encourage housing: One is, don't try to stop the foreclosure process. Let it run it's course and hit the bottom."
During the most recent debate, Mr Romney said:
"The idea of the federal government running around and saying 'We're going to give you some money for trading in your old car....or we're going to keep banks from foreclosing if you can't make your payments.' The right course is to let markets work."
Had George Soros--one of the planet's greatest 'marketeers'--allowed the markets to work, "Clown Prince ZERO-bama, the Narcissist" wouldn't have been able to reward his buds in the labor, auto and service unions as well as the several contributors, donors and supporters. Nor would the "Clown Prince" have been able to 're-distribute the wealth' by paying private bondholders mere cents-on-the-dollar as a reward for their investment. Bankruptcy as well as the foreclosure process, weeds out poor business plans, ineffectual management teams much like they weed out those who can't afford or have no intention of paying, a mortgage. Had George Soros allowed the markets to work we would be seeing--if not now, soon--the housing market shake-out and starting to right itself.
'Splain to me again why YOU elected this Arschloch?!?