All aboard Dr. Barack Obama’s Magical Mystery Bus Tour! If you live in one of the lucky cities and towns along the way, you too can be blessed by our marvelous and mystical commander-in-chief dispensing money, cure-alls and taxpayer elixirs at a rate not seen since the last great presidential flim-flam artist, Bill Clinton, took to the hustings.
Jobs one day; easy home refinancing the next. Health care. Social Security. Veterans benefits. Something for everyone!
With his signature American Jobs Act DOA in Congress, President Obama is trotting out a Hail Mary to Americans understandably weary of the still-faltering economy. Using his latest slogan, “We can’t wait,” as a backdrop, Obama is hawking various federal government programs, including the Home Affordable Refinance Program (HARP), to boost his sagging poll numbers and buy the love of the electorate.
The White House hopes HARP will allow between 600,000 and 1 million homeowners with loans guaranteed by Fannie Mae and Freddie Mac to refinance their underwater mortgages and stave off foreclosure. As Reuters reports, Obama believes that expanding HARP “will help more homeowners refinance at lower rates, save consumers money and help get folks spending again”; in other words, he hopes it will magically cure the nagging recession in one fell swoop.
Like other Washington panaceas, this one sounds good. Mortgage rates have been pushed down by the Federal Reserve during the economy’s long downturn, which arguably would offer homeowners who take advantage of HARP extra cash each month and provide a shot in the arm to a terrible housing market. Reality, of course, is quite different.
Read more: http://dailycaller.com/2011/10/26/dr-obamas-magical-mystery-giveaway-tour/
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