Sunday, August 8, 2010

Doubling Down?

The end of responsibility - "This was the rumor last week. It sounds laughable. I don’t want to believe it. The Treasury Department denied it.

But when it comes to the Magic Kingdom that is the Obama administration, the fantastical has a way of coming true.

“From Washington to Wall Street,” Reuters columnist James Pethokoukis wrote on Thursday, “there are rumors 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.”

That’s right. If you bet badly in the housing-market casino of the Aughties, the government is thinking of refunding some of your chips so you can play again. You may have heard something about a sub-prime real-estate bubble that popped and nearly took down the financial system with it? President Obama wants to double down."
The solution to being broke it to go deeper in debt of course. Why, only a loon could possibly disagree with that!

UPDATE: LOL! I missed this choice little line: "Obama often chides others for being irresponsible. When he does, the effect is a bit like Richard Nixon calling others ruthless."

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