Obama Buying Homeowner & College Votes With Ill-Conceived Programs

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The $25 billion dollar foreclosure deal will apparently not do much to harm the banks but it will harm pension funds.

“This was a relatively cheap resolution for the banks,” said Simon, the mortgage head at Pimco, which runs the world’s largest bond fund. “A lot of the principal reductions would have happened on their loans anyway, and they’re using other people’s money to pay for a ton of this. Pension funds, 401(k)s and mutual funds are going to pick up a lot of the load.” Read here: Money News

It also affects only 10% of the mortgage holders since it left Fannie and Freddie out.

Obama is promising more mortgage relief as part of this new taxpayer bailout. It’s more of his vote-buying agenda

Not a surprise.

Then there is Obama’s vote-buying college tuition program. His plan feeds the corrupt college loan beast which is causing the college bubble. He is making college loans easier to carry and shifting some of  the burden to taxpayers. Meanwhile colleges do not have to cut their excesses as they go merrily along wasting money. Click here for details of Obama’s Tuition Assistance Plan

Obama promised more of this is on the way.

Not a surprise.

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