Over two years in the Obama presidency and still no serious toxic asset plan for everyone.
Posted by iusbvision on March 9, 2011
How long have we said that the mortgage crisis has been used to primarily as an excuse for a power grab, with a distant second being helping out those who could use some help?
Of course one of the reasons there are so many empty homes on the market is because the Democrat’s mortgage plans were a failure if you view the top goal as helping out people with at risk loans. If you view them from the primary purpose of a power grab they are a smashing success.
We have been saying this since February 3rd. Obama’s mortgage plan wasn’t serious and would help very few. Anyone who wanted to seriously tackle the economy needed to have a plan for the toxic assets, keep mortgage holders in their homes and get housing prices to steady. Obama’s plan wasn’t designed to even do that and the economy has continued to suffer for it.
The administration managed to drastically cut down the number of banks. Wealth consolidation is important for the left because the fewer people that have it and control it the easier it is to control that wealth and engage in social engineering. This was done by not suspending the mark to market rule so that mortgage securities would have to be counted as worthless even though that had homes standing besides them, abuse of regulatory enforcement was another method, and another method was the selective use of the buying of bank stocks and issuance of bailout funds. For example: Bank A would get bailout, bank B would not. Bank A buys bank B. Bank A gives money to ACORN or another Obama political ally. The financial reform bill was a massive power-grab as we have recently covered. This is not conspiracy stuff folks. This is history.
Since that February 3rd article we have covered this story repeatedly and told you how the mortgage crisis was being prolonged as an excuse to gain control of the banks. [LINKS 1, 2, 3, 4, 5, 6, 7, & 1, 2,]. Examination of these links shows we started reporting this before Fox, CNBC’s Rick Santelli and Jim Cramer. [Gratuitous self promotion – why not /wink – editor]
Think about it folks. I will ask this question again. We are over two years into the Obama presidency and since the 2008 campaign everyone has said that priority one for getting the economy back in place is dealing with the toxic assets and at risk mortgages to keep people in their homes and stabilize the housing market. It still has not been done. WHY?
Now we might not be able to afford it even if we wanted to. The housing market is now in a double dip.