Obama Mortgage Plan Demonizes Banks in Preparation for Run Against Romney
Obama was in Falls Church today — in his speech today President Obama says the government’s gonna spend at least $10 billion refinancing everybody’s mortgage without doing any credit checks. Nobody’s gotta prove anything to anybody. He also said — I’ve got the sound bites coming up — he also said banks and lenders must be held accountable for ending the practices that helped cause this crisis in the first place. So it’s like we’re back in 2009, and Obama has never been in office, and we’re back now to the subprime mortgage being the fault of the banks. Predatory lending tricked people into taking out loans that they couldn’t pay back. The banks did that, don’t you know. These banks, they targeted these poor people and they targeted these minorities.
How smart is that? If you run a bank, and you want to trick people into borrowing money, you go trick people that can’t pay you back. How smart is that when that’s one of your primary income streams. Then you say, “Yeah, well, we’re gonna trick these people into taking out these loans. Then what we’re gonna do, is we’re gonna package these loans into some new product called a mortgage-backed security, and then we’re gonna sell these things to whatever saps we can find.” Why would they do that if they weren’t told to do it? (interruption) No, the number is 1.2 million lost jobs from year to year, that’s the year-ago report, they added 1.2 million jobs lost, the AP story one year ago. So one year ago would have been January 2011. It would have been the report for 2010 and what they were telling us was that 1.2 million jobs more were lost in 2010 than were reported during the year. That’s how dishonest all this is, and it’s hidden up in the birth/death guesstimates, as it’s called. We’ll just see. We’ll just see what they do, given it’s an election year.