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.
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What is happening is that the president’s approval ratings are continuing to erode, as are Democratic election polls. Democrats are in real danger of losing the House and almost losing the Senate. The mortgage Hail Mary would be a last-gasp effort to prevent this from happening and to save the Obama agenda. The political calculation is that the number of grateful Americans would be greater than those offended that they — and their children and their grandchildren — would be paying for someone else’s mortgage woes.

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So, once again the socialist government buys votes by rewarding the foolish behavior of those who bought homes they could not afford. Recall that they bought those homes at the encouragement of the government which was trying to buy their votes at that time by guaranteeing that EVERYONE was ENTITLED to a home.

Meanwhile, those of us who conservatively bought less home than we could afford, scrimped and saved to make the payments and bills on time, did without the nice things in life in order to keep a roof over our heads and keep our credit records spotless, get the dirty end of the stick.

We don't get one red cent taken off of our mortgage, - nor should we, - that was a solemn obligation to pay a set amount of money to the lender in return for the property we purchased. It's part of a man's integrity and honor. It's what makes civilization work. You don't just walk away from a mortgage and you don't let the government pay your mortgage with someone else's tax money.

As for obuma: You can rob Peter to pay Paul. You'll make Paul happy and he'll probably vote for you and your friends. You can do it several times, as you have, and Paul will start eating out of your hand and trying to hump your leg.

But where is Peter? He and his friends have had enough. They've formed a posse and they're riding towards town for a necktie party.

Dang, I plumb forgot, there weren't no cowboy movies in Indonesia, - obumba won't have the slightest idea what's going on. - And him the guest of honor too.

Old American necktie party

Modern Iraqi necktie party