District of Corruption
September 29, 2012
Hello, everybody. Four years ago this month, a crisis that started out on Wall Street almost brought down our entire economy. The nation’s biggest banks were days away from failing. The stock market – and millions of American retirement accounts – were in free-fall. Credit froze. Lending stopped. And businesses large and small didn’t even know if they’d be able to make payroll. It was a moment the likes of which few Americans had ever seen. Today, we know the biggest cause of that crisis was reckless behavior in the housing market.
Millions of Americans who did the right and responsible thing – who shopped for a home, secured a mortgage they could afford, and made their payments on time – were badly hurt by the irresponsible actions of others. By lenders who sold loans to families who couldn’t afford them – and buyers who knew they couldn’t afford them. By speculators who were looking to make a quick buck. And by banks that packaged and sold those risky mortgages for phony profits. When the party stopped, and the housing bubble burst, it pushed our entire economy into a historic recession – and left middle-class families holding the bag.
Four years later, the housing market is healing. Home sales and construction are up. Prices are beginning to rise. And more than a million families who began this year owing more on their mortgages than their homes are worth, are now back above water. We’re moving in the right direction. But we’re not there yet. There are still millions of Americans who are struggling with their mortgages, even at a time of historically low rates. Now, I know there are some who think that the only option for homeowners is to just stand by and hope that the market has hit bottom. I don’t agree with that.
[What I'm not telling you: Remember TARP, the Troubled Asset Relief Program? That program was signed into law by the evil President George W. Bush and had my full backing while I was stumping during my successful "Campaign of Fluff." Even though that wasn't during my watch, it became a highly touted first step in my socio-fascist program of governance.
The reckless actions of the housing markets I'm whining about this week originated with democRATic [obamacRATic] policies of the "Slick-Willie" Clinton administration. "Slick" in concert with his HUD Secretary (and current New York Governor) Andrew Cuomo, conspired to force Freddie Mac, Fannie Mae as well as thousands of private lenders to ignore mortgage applicants' "vital statistics" and grant mortgages. Said conspiracy did not put a modicum of reliance on the applicants' ability to repay the loan!! This--another in a long list--blatant vote-buying scheme was originally to aid in a 2000 Al-gore victory against--then Texas Governor--George W. Bush. Thankfully, it didn't work!! This allowed me--your exalted ruler--rather than Al-gore to become the most irresponsible socio-fascist ruler in American history!!
The Clinton-Cuomo Conspiracy (C-CC) was the beginning of 'the housing bubble' that would continue growing for ten-to-twelve years until it's collapse in 2007. While "Slick" and 'Young Andy' can only be held responsible for the U.S. housing collapse, there were similar kerfuffles going on in the U.K., Hong Kong, Spain, Poland, Hungary and South Korea.]
That’s why my Administration teamed up with state attorneys general to investigate the terrible way many homeowners were treated, and secured a settlement from the nation’s biggest banks – banks that were bailed out with taxpayer dollars – to help families stay in their homes. And that’s why we announced new steps to help responsible homeowners refinance their mortgages. Already, hundreds of thousands of Americans who were stuck in high-interest loans have been able to take advantage of lower rates and save thousands of dollars every year. That’s not only good for those families; it’s also good for our economy. When folks are spending less on mortgage payments, they’re spending more at local businesses. And when those businesses have more customers, they start hiring more workers. But we can do even more if Congress is willing to do their part.
Back in February I sent Congress a plan to give every responsible homeowner the chance to save about $3,000 a year on their mortgages by refinancing at lower rates. It’s a plan that has the support of independent, nonpartisan economists and leaders across the housing industry. But Republicans in Congress worked to keep it from even getting to a vote. And here we are – seven months later – still waiting on Congress to act. This makes no sense. Last week, mortgage rates were at historic lows. But instead of helping more and more hardworking families take advantage of those rates, Congress was away on break. Instead of worrying about you, they’d already gone home to worry about their campaigns. The truth is, it’s going to take a while for our housing market to fully recover. But it’s going to take a lot more time – and cause a lot more hurt – if Congress keeps standing in the way. If you agree with me, I hope you’ll make your voices heard. Call your Representative. Send them an email. Show up at their town hall and tell them that when Congress comes back to Washington, they better come back ready to work. All of you are doing everything you can to meet your responsibilities. It’s time Congress did the same.
[What I'm not telling you: How many of these housing give-aways has my regime proposed?!? I think--it's difficult to keep track--this one is #3 or #4. None of the previous homeowner-bailouts has garnered much participation by those eligible
I know everyone on the planet has heard the type of voter I try to attract; the radical, the uneducated, the unwashed and--as Rush Limbaugh says--the 'moron vote.'
|Almost Toothless-obamacRATic voter hired by SEIU ($11/hr) to protest Romney Campaign event.|
The inactivity of The Congress is--most definitely--a good thing! With the members out of the District of Corruption, you only have my myriad of Executive Orders to contend with; to suffer under!!]