Thread: Barack Obama gambles billions to save homes and jobs

From The Times
February 18, 2009

Barack Obama gambles billions to save homes and jobs

Tim Reid in Washington

President Obama will reveal a plan today to stem the flood of home repossessions afflicting millions of American families after signing his $787 billion economic stimulus package into law last night.

Amid persistent concerns among investors about the Obama Administration’s ability to turn around the US economy the global markets fell again. At close of trading the Dow Jones index had dropped almost 300 points, nearing its lowest level for a decade.

The Bill – the biggest government intervention in the US economy since the 1930s New Deal – was passed by Congress in only three weeks, although with almost unanimous Republican opposition. A spokesman for Mr Obama, when pressed, did not rule out a second stimulus Bill.

Yesterday’s plan is the centrepiece of Mr Obama’s domestic legislative agenda aimed at boosting job creation and reviving the stricken US economy. It will be an important factor in determining the fate of his presidency.

Mr Obama has pledged repeatedly that the package will create or save 3.5 million jobs within two years. The White House even released job targets for each of the 435 US congressional districts. It is a list that could come back to haunt the President if his pledges are not realised by the mid-term elections in November 2010.

Invoking Winston Churchill, Mr Obama said that the Bill would not end the economic problems of the US – “but today marks the beginning of the endâ€

That is what started this whole thing...the govt. interferring in the free market with all the "affordable housing programs", forcing institutions to give loans to people who could never afford to repay them and now they are going to "artifically" prop up housing prices. The govt. is choosing who wins and who loses, NOT the free market.

The free market is being blamed for everything, but we have hadn't a free market in decades. The govt's attempts to control and regulate where it doesn't have the expertise or knowledge to do so. The free market would have never given loans to people with no money without the "encourgement" of the govt. and their "Community Reinvestment Act", among many others, including giving people money for down payments, etc. They forced banks to open branches in sections of cities that they would not have done on their own. They forced them to give out risky loans because of all the "redlining" accusations. It goes on and on, until at the end they were giving out "liar loans" to people with no means to repay without any documentation, including illegals.

EVERYTHING politicians do has to do with vote buying in some form or fashion. Very few of them ever do anything simply because it's the right thing to do. The entire Treasury is nothing but a huge campaign coffer.

The vast majority of foreclosures are in states with high illegal populations. Something like 60% are in 4 States.