18 Feb 2009

Obama’s Mortgage Plan: Do They Think We Can’t Multiply?!

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Folks, it’s no fun being a critic of the government when they do stuff like this. C’mon people, you need to wake up and start asking questions, so that I can turn up the investigative reporting. In the meantime, I am reduced to pointing out the absurdities of this CNBC article:

President Obama unveiled his much-anticipated plan Wednesday to fight the housing crisis, pledging up to $275 billion to help stem a wave of foreclosures sweeping the country….

A total of 8.1 million U.S. homes, or 16 percent of all households with mortgages, could fall into foreclosure by 2012, according to a report by Credit Suisse….

An Obama administration official said the total plan commits up to $275 billion for housing, including $50 billion from funds already committed in the country’s financial sector bailout. It aims to help up to 9 million American families.

The Obama administration’s summary of the plan said the plan could offer a buffer of up to $6,000 against value declines on the average home.

So do I need to spell it out? I didn’t realize postage (for the government checks) was so expensive these days.

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