Obama Ready to Unleash August Surprise?

An unpleasant surprise in store for all Americans who played by the rules

Does President Obama have an August Surprise coming to attempt to stop the upcoming November tsunami? Sounds like it.

Another upcoming moment of pure, crass political calculation coming from the master?

There are signs.

An August Surprise from Obama?

Main Street may be about to get its own gigantic bailout. Rumors are running wild from Washington to Wall Street that the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth. An estimated 15 million U.S. mortgages – one in five – are underwater with negative equity of some $800 billion. Recall that on Christmas Eve 2009, the Treasury Department waived a $400 billion limit on financial assistance to Fannie and Freddie, pledging unlimited help. The actual vehicle for the bailout could be the Bush-era Home Affordable Refinance Program, or HARP, a sister program to Obama’s loan modification effort. HARP was just extended through June 30, 2011.

The move, if it happens, would be a stunning political and economic bombshell less than 100 days before a midterm election in which Democrats are currently expected to suffer massive, if not historic losses. The key date to watch is August 17 when the Treasury Department holds a much-hyped meeting on the future of Fannie and Freddie.

The writer, James Pethokoukis of Reuters, makes some points in his article.

1-Republican leaders believe this is going to happen.
2-Wall Street bankers are alerting their clients to the possibility.
3-Obama knows the so-called “recovery” is running out of steam.
4-If the White House thought this would pass Congress, they would have already have submitted it.

So, to all Americans who scraped and sweat blood and kept your mortgage paid up or took a second job to stay current: SUCKERS!

A transformational change, indeed.

The Obama Brain Trust, such as it is, is betting that more people will be grateful than will be upset because they played by the rules. And that is the grand Obama strategy: to make people feel that there are no rules, only favors granted by a wise and benevolent issuer of diktats. President Barack Hussein Obama.

Whenever a past administration engaged in self-destructive behaviors and pushed policies detrimental to the health of the United States, this author always consoled himself by the mantra, “The U.S. is strong enough to survive until voters can vote this joker out of office.”

However, none have exhibited the government-by-fiat, ram-unpopular-legislation-through-congress-in-spite-of-the-people single mindedness of the current Obama regime.

Less than 90 days until voters can go to the ballot box and vote some brakes for the runaway train wreck in the White House. Then, 24 more months before another “transformational change” of our own.

Call November 2010 and November 2012, “The People’s Surprise.”

by Mondo Frazier
image: family security matters

Back to DBKP Front Page.

Your Ad Here