Posts Tagged ‘foreclosure’

The Fallacy of Obama’s Foreclosure Plan

February 23, 2009

I am adamantly against President Obama’s new $275 billion foreclosure prevention plan.  The idea of helping people stay in their homes is a noble one, however government is ill-equipped to take on such a task.

The main argument I’ve heard is that foreclosures are bad for everyone because they lower the value of homes in your neighborhood.  Therefore, we have to help people avoid foreclosure and stay in their homes.

My question to anyone who supports this plan is simple:  How will helping a person across the country avoid foreclosure help my property value?

If we wanted to help our neighborhood home values so much, why wouldn’t we all pool our money together and get $10 from each household to go to a fund to help pay our neighbor’s mortgage?  That would do more good than Obama’s massive spending plan.  Wouldn’t we, as a neighborhood know who to help and who to let fail?  Wouldn’t we be able to see what homes are worth saving?  How is a government bureaucracy going to know better?

The amount of faith we are placing in the Federal Government baffles me more and more every day.  We continue to think that politicians in Washington who have never been to your neighborhood are smarter than experts that work there every day.  If I really wanted to pay for my neighbor’s mortgage, I would.  What I really don’t want to have is my tax dollars used to pay off someone all the way across the country.  The program makes absolutely no sense.

It is the constant meddling of government in the markets that is dragging our economy into a deeper hole.  Until we let the market work, we are going to keep delaying the inevitable.  Even if the government reduced the interest rate to ZERO on 40% of the homes facing foreclosure, the people still wouldn’t be able to make the payments.  Why waste our tax dollars on supporting something that is bound to fail?

Staving off foreclosures sounds like a great idea, but in reality, Obama’s plan is just spreading the wealth all over the country, taking your tax dollars and giving to someone across the country who made bad decisions.

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More Rhetoric From Obama

February 21, 2009

Tonight, I read on CNN.com that President Obama wants to cut the national deficit in half by the end of his first term in 2013.  This is absolute nonsense, and I have no idea why he would even say something like this.  We are in the middle of one of the most massive government spending programs ever, and he has the gall to say he’s going to be able to actually cut the deficit.  When will we stop buying all the garbage that is coming out of his mouth?

There is no chance Obama will be able to even get the deficit back to what it was when he inherited it from Bush!  How are we going to balance it when we can’t even pay for the trillions of dollars we are printing right now?  He says he’ll do it by raising taxes on those making more than $250,000 a year.  Can our President be any more idealistic and naive?  We aren’t paying for all the stimulus and bailouts right now to begin with!  It’s all borrowed money from China!  In order to cut the deficit, you’re going to need to cut spending!

All I know is right now, all of this Hope and Change sucks.  He talks about urgency and needing to act now, and then when the stimulus package is passed, he says we’ll see our extra $13 a week in April!  Like that’s a tax cut in the first place!  And then he brags about how fast the tax cut happened, when it’s still 2 months away!

Then he wants to spend $275 billion more of taxpayer money to help fight off foreclosures for irresponsible borrowers.  Sure, some people might have lost their jobs and are falling behind on their payments who might need some help.  But I just read statistics where even if rates were cut to 2%, forty percent of these people facing foreclosure still wouldn’t be able to make their payments!

If they are going to give taxpayer money away, they should give it to the people who are current on their mortgage and who can make their payments.  Let them pay off their debt or buy a car or a foreclosed home.  Give the money to people who will be able to do something with it!

I cannot believe that there is not more of an outrage at the actions of our government.  I can guarantee you that over half the population disagrees with all of these bailouts, yet our government shows no signs of stopping.  Why should we all just sit back and watch our hard earned money go to pay some stranger’s mortgage?  At what point is enough going to be enough?  I can see now the “change” Obama was talking about.  It’s going to be the revolt of the American Taxpayer kicking his hypocrite butt out of office.

Source:  CNN