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Mean Street: Why Obama’s Homeowner Rescue Is Bound to Fail....(dressed up redistribution scheme)
WSJ ^ | February 18, 2009 | Evan Newmark

Posted on 02/23/2009 9:25:22 AM PST by IrishMike

Is there anything more heartless than foreclosing on a home and throwing a family out on the street?

How about taxing the family next door into penury to pay for the reckless borrowing of its neighbors?

Welcome to the Obama Homeowner Affordability and Stability Plan — a complicated wealth redistribution scheme dressed up as a cure for the nation’s housing woes.

It is almost certainly bound to fail.

Now, there is no doubting that Obama’s heart is in the right place. With foreclosures at record highs, the American white picket fence dream is crumbling.

And the impulse of any caring President must be to do something, almost anything to keep the dream alive.

But the experience of politicians tinkering with the U.S. housing market is not a happy one. Fannie Mae and Freddie Mac, anyone?

Real estate is simply too complex to be manipulated by anything but the “invisible hand” of the market.

Disagree?

Just read the four page White House Executive Summary with its laundry lists of programs, federal and state bureaucracies, conditions and caveats.

It’s confusing stuff even for the average MBA. How will it be digested by the average low-income subprime borrower?

(Excerpt) Read more at blogs.wsj.com ...


TOPICS: Business/Economy; Front Page News; Government; News/Current Events
KEYWORDS: backdoorreparations; bho2009; bho44; business; democrats; economy; meltdown; obama; socialism
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1 posted on 02/23/2009 9:25:22 AM PST by IrishMike
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To: IrishMike

Hair of the dog.


2 posted on 02/23/2009 9:29:21 AM PST by avacado (Bipartisanship is when Democrats and Republicans get together to rob the American people blind)
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To: IrishMike

Remember how we all laughed about that lady who was looking forward to Obama paying for her mortgage? Well, he is!


3 posted on 02/23/2009 9:31:24 AM PST by Plutarch
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To: IrishMike

“Now, there is no doubting that Obama’s heart is in the right place.”

There is NOTHING “right” about taking money from those who have made good decisions and giving said money to those who have made terrible decisions.


4 posted on 02/23/2009 9:31:41 AM PST by Red in Blue PA (If guns cause crime, then all of mine are defective.)
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To: avacado

Hopefully, when the Obamaloon fails (as the laws of economics dictate that he must), he’ll take the MSM bottom O’the SAT barrel loon followers with him.

Try as you might, lib-O-loons, you’re gonna fail, and watching the results is going to be very very satisfying. I will be there with my knitting needles at the guillotine.....


5 posted on 02/23/2009 9:33:18 AM PST by Da Coyote
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To: Red in Blue PA

Well said.


6 posted on 02/23/2009 9:35:31 AM PST by Flycatcher (God speaks to us, through the supernal lightness of birds, in a special type of poetry.)
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To: IrishMike
Now, there is no doubting that Obama’s heart is in the right place.

Yes there is. Playing on the citizen's proclivity to view himself as the oppressed victim is a tactic of tyrants like Obama in particular, and liberal politicians in general. He knows darn well what he's doing: building a political constituency by playing on fears and pushing the sympathy button of gullible middle America.

7 posted on 02/23/2009 9:36:09 AM PST by mbarker12474 (If thine enemy offend thee, give his childe a drum.)
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To: IrishMike
“It’s confusing stuff even for the average MBA. How will it be digested by the average low-income subprime borrower?”

Irrelevant. The inner workings of computers are too confusing for even the average MBA — but even pre-schoolers can use them.

ACORN (or similar organizations) will walk their clients through all the paperwork; so that all the “homeowner” has to do is mark his “X”, where indicated.

This will make ACORN even more powerful — with legions of grateful “clients”. If the process were simple, people would realize that they don't need ACORN.

8 posted on 02/23/2009 9:39:35 AM PST by USFRIENDINVICTORIA
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To: mbarker12474

he is losing any base but the nuts


9 posted on 02/23/2009 9:40:08 AM PST by scooby321
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To: Red in Blue PA

President Obama could not be reached for comment as he was hosting a tea for former Axis of Evil countries.


10 posted on 02/23/2009 9:40:21 AM PST by IrishMike (Islam is a barbaric political and social system in religious drag)
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To: IrishMike

“There is no question Obama’s heart is in the right place.”
Of course, it is in the right place...the left side of his chest.
The question we need an answer to is “where is his BRAIN?”


11 posted on 02/23/2009 9:41:04 AM PST by CaptainAmiigaf ( NY Times: We print the news as it fits our views.)
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To: IrishMike
there is no doubting that Obama’s heart is in the right place

The hell you say! I doubt it every second of every minute of every hour of every day...and then some.

ANY thinking human being would doubt it unless you happen to be Chavez, Putin, Castro or Ahmadhamhead.

12 posted on 02/23/2009 9:41:06 AM PST by Just A Nobody (I *LOVE* my Attitude Problem - NEVER AGAIN...Support our Troops! Beware the ENEMEDIA)
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To: Da Coyote

The Democrats tanked the US economy by putting people into homes they could not afford. The Democrats are going to fix the economy by putting people into homes they still cannot afford.

Yep! 100% fail rate... coming...


13 posted on 02/23/2009 9:41:17 AM PST by avacado (Bipartisanship is when Democrats and Republicans get together to rob the American people blind)
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To: Plutarch
Remember how we all laughed about that lady who was looking forward to Obama paying for her mortgage?
Well, he is!

Yeah, with OUR money.


Click on the image to see the video

14 posted on 02/23/2009 9:42:09 AM PST by Bon mots
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To: IrishMike

He (Oblahma)warned “Joe the Plummer” he was going to “spread the wealth around.” Wow, why is it that leftist politicians are the only ones that mean what they say?


15 posted on 02/23/2009 9:45:22 AM PST by GWMcClintock ("When the foundations are being destroyed, what can the righteous do?" Ps. 11:3)
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To: CaptainAmiigaf

“The question we need an answer to is “where is his BRAIN?”

Approximately three feet below his neck.


16 posted on 02/23/2009 9:47:27 AM PST by GWMcClintock ("When the foundations are being destroyed, what can the righteous do?" Ps. 11:3)
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To: USFRIENDINVICTORIA

Did you read it? the point is the VAST MAJORITY of the folks it applies to will have no interest in doing it.


17 posted on 02/23/2009 9:47:32 AM PST by Kozak (USA 7/4/1776 to 1/20/2009 Requiescat In Pace)
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To: IrishMike

One is Obama’s speech to the nation’s governors. I don’t know. Who he was talking to is not as important as how he characterizes the discussions going on about the pork spending bill that passed.

Obama said, “Legitimate debate about the stimulus bill is lost in cable chatter.”

That’s a perfect example of what is known in psychobabble as cognitive dissonance.You see, if you disagree with Obama and his position and his pork barrel bill, your comments are just chatter. Or the comments by cable discussion leaders are just “chatter.” It’s not part of the legitimate debate. Because, in order to be legitimate, you’d have to agree with Obama’s view.

Cognitive dissonance is an old, old ploy to negate the value od any opposing opinions. But isn’t that what legitimate debate is supposed to be?

The other example of cognitive dissonance came when First Mouth Gibbs, the White House News Chief, said that Rick Santelli’s expression that the federal government ought to get out of the market. He was specifically talking about the mortgage fiasco that’s looming across Wall Street now. The White House wants to bail out people who have not paid their mortgages.

First Mouth Gibbs completely minimizes Santelli’s opposing view as having validity when he called it a “rant.” He even said Santelli didn’t know what he was talking about. Gibbs offered to buy Santelli a cup of coffee so that he (Gibbs) could “explain it” to Santelli.

Cognitive dissonance. If I want you to come around to my point of view, I’ll say something like my point of view is the only one that makes sense. And because you, like everyone probably, want to be thought of as making sense, will feel very uncomfortable (dissonant) with having the “wrong” point of view.

Eric Holder said the other day that the U.S. is a nation of cowards because there’s no open discussion about racism. Cognitive dissonance. If I don’t want to be thought of as a coward, then I’d feel compelled to enter into a debate about racism with Holder. The problem for Holder and those of his bent is that his attempt at cognitive dissonance is not working. It’s not working for Obama or Gibbs either. Which is why they’re still sputtering around the White House halls.

Truth is, we use cognitive dissonance probably more than we realize. Especially in dysfunctional conversations where one side is trying to make the other side feel bad about the way they feel.

In couple counseling, I hear things like, “That’s the dumbest thing I’ve ever heard of.” Don’t want people to think you’re dumb? Then the underlying message is that you have to agree with them. If you don’t, they’ll probably find other ways to make you feel uncomfortable/dissonant for holding an opposing point of view.

The truth is, we don’t all have to look and sound alike. It’s okay to have a debate and it’s even okay to agree to disagree. But it’s not good form to say someone is dumb or stupid or opinions are rants or chatter just because the opinions differ from your own.


18 posted on 02/23/2009 9:52:18 AM PST by quintr
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To: quintr

I should have signed the post. Quint is nowhere near his computer. And he’s an analytical chemist not a mental health counselor. First Mouth would call this my rant of the day. Go figure there Mr. Mouth.

— Jane Reinheimer


19 posted on 02/23/2009 9:53:49 AM PST by quintr
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To: Kozak
Yes I did read it.

Actually, the article tries to make two points. One being that the majority of folk it applies to won't have any interest in getting involved.

The other point being that it's too complex. That's the point that I'm saying is totally bogus.

Even if the vast majority of submerged subprimers would stay out — that still leaves a lot of people who would be interested. It will be ACORN’s job to identify those people, and go door-to-door “selling” them a mortgage bailout.

It's free money — how hard can it be to sell it?

20 posted on 02/23/2009 9:59:25 AM PST by USFRIENDINVICTORIA
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