Sponsored Content




Intermarkets' Privacy Policy
Support


Donate to Ace of Spades HQ!



Recent Entries
Absent Friends
Bandersnatch 2024
GnuBreed 2024
Captain Hate 2023
moon_over_vermont 2023
westminsterdogshow 2023
Ann Wilson(Empire1) 2022
Dave In Texas 2022
Jesse in D.C. 2022
OregonMuse 2022
redc1c4 2021
Tami 2021
Chavez the Hugo 2020
Ibguy 2020
Rickl 2019
Joffen 2014
AoSHQ Writers Group
A site for members of the Horde to post their stories seeking beta readers, editing help, brainstorming, and story ideas. Also to share links to potential publishing outlets, writing help sites, and videos posting tips to get published. Contact OrangeEnt for info:
maildrop62 at proton dot me
Cutting The Cord And Email Security
Moron Meet-Ups

NoVaMoMe 2024: 06/08/2024
Arlington, VA
Details to follow


Texas MoMe 2024: 10/18/2024-10/19/2024 Corsicana,TX
Contact Ben Had for info





















« Sharron Angle: Our Government Is In Violation of the First Amendment Commandment | Main | The Long March Through Institutions: Holder's Lawsuits Now Directing Defendants To Pay Big Money To ACORN-Type Groups (Who Sow The Seeds Of The Next Lawsuit, Of Course) »
August 05, 2010

Cash Money Politics: Rumors Swirl That Obama May Be About to Forgive Billions In Principal For Government-Owned Underwater Mortgages

Is Daddy too remote, too feckless, and a generally bad head of household?

Well buck up sunshine. Daddy just might give you a nice shiny twenty dollar bill.

Do you love Daddy now?*

* Some people take this as referring to themselves, that by "Daddy" I mean those who got underwater with mortgages. No, I meant that Obama is the Big Daddy, but he's a bad Daddy, and so he has to bribe his family with money to love him.


Main Street may be about to get its own gigantic bailout. Rumors are running wild from Washington to Wall Street that the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth. An estimated 15 million U.S. mortgages – one in five – are underwater with negative equity of some $800 billion. Recall that on Christmas Eve 2009, the Treasury Department waived a $400 billion limit on financial assistance to Fannie and Freddie, pledging unlimited help. The actual vehicle for the bailout could be the Bush-era Home Affordable Refinance Program, or HARP, a sister program to Obama’s loan modification effort. HARP was just extended through June 30, 2011.

The move, if it happens, would be a stunning political and economic bombshell less than 100 days before a midterm election in which Democrats are currently expected to suffer massive, if not historic losses. The key date to watch is August 17 when the Treasury Department holds a much-hyped meeting on the future of Fannie and Freddie. A few key points:

1) Republican leaders believe this is going to happen since GOPers and Democratic moderates in the Senate are unwilling to spend more taxpayer money on more stimulus. But such a housing plan would allow the White House to sidestep congressional objections and show voters it is doing something tangible about an economy that seems to be weakening.

...

What is the "multiplier" for reducing a fixed cost that people struggled to pay? Something like 0.3? Less?

I guess that doesn't matter. The only multiplier that matters concerns the conversion of billions of dollars into millions of votes.

Thanks to DrewM.

Who's Laughing Now? Remember Peggy Joseph? We giggled at her naivete about Unicorn Skittle Poop, her assertion that Obama would pay her mortgage.

I guess we were the ones hoodwinked. Bamboozled. Led astray. Run amok.

Thanks again to Drew for that.


digg this
posted by Ace at 10:46 AM

| Access Comments




Recent Comments
Sponge - F*ck Joe Biden: "Joe Scarborough murdered his intern. MSNBC fund ..."

Gryph: "52. Fraud fraud fraud. Whatever plan Trump has ..."

m: "151 150 Also: Don't Stop Thinkin' About Tomorrow ..."

Sponge - F*ck Joe Biden: "FIRST!!!!! ..."

fd: " Turnout. Turnout. Turnout I don't want to hear ..."

Chuck Martel: "“student-led effort to pass a resolution pro ..."

Sponge - F*ck Joe Biden: "FIRST!!!!! ..."

The FBI, A Criminal Outfit: "The Baltimore bridge crash to me appears to be a l ..."

Ignoramus: "Turnout. Turnout. Turnout. Many "reliable" elem ..."

Gryph: "45. I prefer to think of them as ideological Bols ..."

[/i][/b][/s][/u]I used to have a different nic: "[i]They could've just shut their cakeholes and acc ..."

callsign claymore: "Good morning, JJ, Horde Lieberman seemed like a ..."

Recent Entries
Search


Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64