AMERICA: THE UNDERWATER PLAN
Our housing market was fine, enter stage left government financing for people who could not afford homes. A new clientèle is ‘encouraged’ to participate in the American dream and more homes are built to meet demand.
Eventually loans default and home values crash. Construction halts. Laborers are sent home. Lending ceases. Fannie and Freddie who bought votes are paying for them with bad loans and they now run America. Obama forced major corporations to accept government money, demanding policy changes and in some instances stock, yet he had no hesitations let alone restrictions in funding the financially ailing Freddie and Fannie.
Today’s homes are under water, values are less than their mortgages. If you are 12 years into a 30 year loan and owe $300,000 on a home which 6 months ago was appraised at $500,000, what is it worth when someone in the neighborhood sells short on his Obama loan at $250,000?
Not only have the large corporations been attacked but small business is under fire now as well. We have discussed various surtaxes to be imposed on them through ObamaCare. Sallie Mae had to be sacrificed in order to succeed in attaining overall control. The effort to create a true government monopoly in student loans necessitated the elimination of Sallie Mae’s role in the process. As a result, 30% of their employees will be headed to the unemployment office. Making the situation even worse, details in ObamaCare outline the loan program as forgiving debt to anyone after 10 years who elects to work for the government. Not only is our loan not repaid, but the private sector is robbed of future employees. In other words yet another well planed formula to sink private industry.
Consider everything Obama has passed as well as what lies on the table for future consideration. What is not designed to put America as we know it under water?