How's Obama's foreclosure policy working out?

Discussion in 'Economics' started by bugscoe, May 14, 2009.

  1. May 13, 2009
    Ray Robison

    It has been nearly three months since a newly sworn in President Obama stepped forward with a plan to rescue underwater homeowners from foreclosure. Now, we learn that the President's $275 Billion foreclosure fix has floundered and failed. The professional media slobbered over Obama's homeowner bailout under the pretext that they cared about the little guy/gal losing the family home. Yet as foreclosure numbers climb to a record, breakneck pace the media stubbornly refuses to note this enormous failure of the Obama administration. The foreclosure "surge" has been lost.

    CNN is reporting that April saw a record 342,000 homes slip into the foreclosure process. And the worst is yet to come. According to the article, government intervention did slow down the process, for a moment. Some major lenders took a pause last February to see what the foreclosure bailout plan would bring. But the delay is over. According to CNN it will get worse next month as even more homes move into repossession.

    President Obama spoke of his plan in February -- "Through this plan, we will help between 7 and 9 million families restructure or refinance their mortgages so they can avoid foreclosure." (NPR ) Instead the foreclosure rate has accelerated. The President pushed through hundreds of billions in spending that has done nothing to ease the foreclosure frenzy.

    It is now time for the media to question the judgment of President Obama and his economic policy. His quick fix, band-aid, throw money at the problem, Democrat solutions have not rescued the little guy from escalating foreclosure rates, unemployment rates, or crashing home values. We were assured that the emergency spending bills he pushed through would have a short term stimulus effect, yet we see none. We were told that George Bush wrecked the economy. Common sense must dictate that if Obama knows so much better than Bush, why hasn't he at least stopped the crushing foreclosure rate?

    The media should be asking questions of the President. Why was the President under the illusion that his plan would rescue homeowners? Where did he get his intelligence? Was his information cherry-picked from all the available opinions within the government? Weren't there government officials, media and business experts warning that the fix would fail? Is anybody going to be held responsible for this "optional war" on foreclosure that stuck taxpayers for $275 Billion worth of nothing?

    And the media should be asking questions to itself. Why did it uncritically report this massive fraud without asking for any proof it would work? Would a $275 Billion failure be ignored if big-business had dropped the ball instead of big government Democrats? Of course these questions are rhetorical. The media doesn't have the spine to stand up to a popular President they agree with.
  2. gonna be a long 45 month. BamBam's is already a failed presidency. BamBam blew-up more political capital in a month than anyone in history.
  3. Silly conservative true day dream believers. Unfortunately the financial crisis won't get solved in 3 months. It took more than a decades worth of policies to get to this point. You all have blinding Obama hate so that explains this stupid thread. I was reading that it wasn't until more than 2 years into Reagan's 1st term that the economy started to turn around. Nice try though.
  4. Okey, I'll list his accomplishments:

  5. Not even close to analogous. When Reagan became president the economy was segueing from a decade and a half of inflation into more normalized price growth. Interest rates had been high for several years and there wasn't a bubble left anywhere, be it in stocks, real estate or Treasuries.

    Reagan was loved by business and hated by free loading scumbags. Quite the opposite of today.

    Obama isn't Reagan but instead he's Jimmy Carter. His entire term will be ineffectually putting out fires with gasoline.....

  6. He was successful in getting a tax cheat to head the Treasury.

    He was unsuccessful in getting that asshat from New Mexico appt'ed. In fact for awhile ther, I thought BamBam would run outta nominees.
  7. I get the sense that Republicans, especially those in this forum, are actually fearful that the current administration might succeed in pulling the country out of the quagmire left by the previous administration. Fearful, perhaps, that they just might have been wrong all this time and in so many ways. Does anyone else smell this pungent Republican fear fest?
  8. Arnie



    The fear I smell comes from the Dems. They own the White House, and both houses of Congress, yet they just can't stop foucsing on the Republicans. A party that is the weakest it's ever been in my life time. Why? They have veto proof majorities.

    Could it be that maybe they don't buy it either?

    Maybe they know Obama is full of shit.

    100 days in office and all he has done is double the national debt. Oh yea, he closed Gitmo (but really he didn't, wink wink):D
  9. I had high hopes for BamBam... The country was behind him. I was behind him.

    Same ol' same ol' coming outta D.C.

    I couldn't bring myself to vote for BamBam b/c he was long the Messiah bulklshit & awfully short on specifics. Couldn't vote for McCain either - old codger cuddnt even work his own E-amils? :p

    Its over for BamBam. If he would have come in & directed "real change", we might have had a chance. He came into a tough situation & unfortunately the "Blah Blah" that got him elected, won't solve our problems.
  10. F off, Brush Bimbaugh.
    #10     May 14, 2009