First I’ll start off with a quote someone liked from my recent blog:
I propose that the real tragedy isn’t that millions of Americans are underwater in their mortgages, the real tragedy is that there is no relief for the millions of Americans underwater in their mortgages.
In the normal scheme of things, all this bad debt would be written off and the assets would be sold/liquidated. Holders of those assets and the debt based on those assets would both suffer losses or even be wiped out. All the overbuilt properties and overcapacity would be sold for pennies on the dollar, and the liabilities (debt) wiped off the balance sheet along with all the inflated assets.
I submit that our recession will last exactly as long as congress makes us pay for the bad debts, makes us pay good money after bad debts and so robbing the consumer of cash.
Here’s the irony. Obama made a major promise to paying homeowners who were caught up in bad mortgages. No?
Lawyers think he promised: http://www.bankruptcylawnetwork.com/2010/10/17/why-hasn%E2%80%99t-obama-supported-judicial-modification/
Actually, Read Obama’s exact promise about mortgage buyers here:
Now, Democrats did pass a consumer mortgage assist program, HAMP, but HAMP isn’t cutting it. Here’s my math. Forgive me, Really I should do math for people in foreclosure that AREN’T underwater, that would be a higher number.
says 11M mortgage buyers undewater
says 30,000 modifications under HAMP.
That’s .2% (Pshaw.)
Anyhow let’s talk about general knowledge and cable news consumers.
Here’s a few emails that CNN read on the air about Obama. Maybe TV viewers aren’t as misled as they seem to be.
From CNN, before the election: http://www.youtube.com/watch?v=22JVhucPnrA
Jack, President Obama is not to blame. The Republicans made a cynical bet that the mess they made could not be reversed in two years and refused to cooperate in even the most mundane of issues. The American people and our instant gratification mentality are doing the rest. Rest uneasy Republicans. The worm turns in an instant.
The “Democrats” are all to blame. They didn’t LISTEN to the people. The people indicated their desires time and time again, but the Democrats just wanted to tell us what “we needed” instead. Tomorrow they will get what they deserve.
Jack, How can anything get worse? Nothing got done because we have the party of NO. By adding more Republicans to the mix we will then have a larger party of NO. Obama should have immediately pushed through his policies instead of trying to make nice when he first took office.
Sounds intelligent to me, even if I only agree with one of the opinions.
Finally, we have news that Obama is going over to the Republican tax cut plan. By Sam Stein and Howard Fineman:
I could swear the White House had some skinny guy selling the lesser tax cuts. Yeah, this guy:
Hell, I don’t even know what promise Obama is breaking now. I think I’m turning into one of those ignorant voters that don’t give a damn and just vote with their rage.
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