From Bad to Worst

Anyone who knows me or reads this blog knows I’m not a fan of President Obama. Never have been. But his latest stunt has me more pissed than ever before.

Since WWII, home ownership percentages for average Americans have grown steadily, largely as a result of support from Freddie Mac and Fannie Mae. These government-sponsored enterprises (GSE’s) provide security and guarantees for mortgage lenders, which gives more people access to loans for homes. As the entire U.S. mortgage market imploded over recent years, Freddie and Fannie went down along with everyone else.

I don’t know when people are going to wake up and realize that government should be run like a business. We need less government, not more. Despite the fact that President Obama had little to no business experience when he took office in 2008, he promised to run a more transparent administration. What he’s done since taking office couldn’t be further from that promise. In recent months, Obama has appointed more than two dozen “czars” to various posts in his administration. Why is that a big deal? Because it means these individuals didn’t have to go through the rigorous Senate confirmation process they should have. He snuck them in under the radar. Think that’s bad? There are now rumors circulating that the Obama administration is going to order Freddie Mac and Fannie Mae to forgive a portion of the mortgage debt owed by Americans who are underwater on their homes. Want to hear the crazier part? Obama may be able to push this through without oversight by hiding behind a crisis waiver passed during the Bush administration! Transparent, my ass!!

So what are we really talking about here? If this rumor becomes reality, we’re talking about forgiving debt to the tune of $800 billion! You might be thinking this doesn’t sound like a bad thing if you’re one of the 15 million homeowners in the U.S. who would be affected. But don’t kid yourself: any debt you’re forgiven would be considered taxable income! And where does this plan to write off billions of dollars in equity leave the millions of American homeowners who didn’t overspend and over borrow? What about all the taxpayers, their children and their grandchildren who will be saddled with the additional debt for decades to come? What about them?? And unlike loans to auto manufacturers, or even bank bailouts, this money wouldn’t even be repaid.

America was founded on the principles of hard work, self-reliance and personal responsibility. This country was built by men and women that believed they could create their own fortune with their own two hands. They didn’t expect the government to pay for their irresponsibility. We’ve all been raised to believe that this is the only country in the world where we can actually expect our hard work to pay off. It’s the American dream, and it used to be a reality. I know from personal experience because I’m a living, breathing example of it. I worked my ass off to get to where I am today. But now, thanks to all of Obama’s bailouts and write-offs, hard working men and women across the country just like myself are actually being penalized. This administration is sending America a new message. And it’s not one I want my children or my children’s children to learn.

If President Obama were running a company, he would have been fired a long time ago. Because he’s the president, we have a different word for it. When are the American people going to come to their senses? President Obama and his administration are a joke. I say it’s time to start impeachment proceedings. It’s already gone from bad to worse. What are we waiting for??

LINKS:
Reuters – An August Surprise from Obama?