So Obama comes out with his "plan" to try to halt foreclosures.
It won't do it, but it sure sounds good.
I will give him an "F" for substance but an "A" for effort.
Why an "F" for substance? Because what he's trying to do fundamentally cannot be done.
Here's the outline, in condensed form from Bloomberg:
Feb. 18 (Bloomberg) -- U.S. President Barack Obama pledged $275 billion to a program that will cut mortgage payments for as many as 9 million struggling homeowners and expand the role of Fannie Mae and Freddie Mac in curbing record foreclosures.
The plan also will help as many as 5 million homeowners refinance loans owned or guaranteed by Fannie and Freddie, according to a White House fact sheet. Treasury will buy as much as $200 billion of preferred stock in the two mortgage companies, twice as much as previously promised, the announcement said.
Another Obama attempt at a solution and another thumbs down from the pundits. Peacenik is losing track of all of Obama's initiatives. Lets see. Continue Bush DOJ policies. Escalate in Afghanistan. Give zillions of dollars to the bankers and banks. Waiver on torture policy. Waiver on investigating the Bush years. Give billions of dollars to the automotive industry that is dead as a dodo bird. Cave in to wingnuts at every opportunity. Yes Obama is in an impossible position. But continuing with Bush policies, and turning his back on the progressive movemnent is not the way forward. And now Obama is visiting Canada and talking up the tar sands. As if there is a solution to the environmental problems of the tar sands. Oh yeah. Obama is still talking about a growth economy. This, as another 600,000 Americans lost there jobs last month. Can someone remind Peacenik of one slam dunk good thing Obama has done?
