Conservatives are tittering on twitter about the Obama administration’s cheesy new slogan, #WeCantWait, but it is clear to me that Obama’s using the jobs and mortgage “crises” (never to go to waste) as an excuse to further usurp congressional authority.
Obama announced Monday the Federal Housing Finance Agency, which oversees the Federal Home Loan Mortgage Corp. (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae) took three steps to help responsible homeowners refinance and take advantage of low mortgage rates.
Why use the executive order?
“Because we have to do everything we can,” Carney said.
Using executive authority doesn’t mean Obama is giving up his pleas to Congress to pass his American Jobs Act, Carney said.
“It is not a substitute for congressional action,” Carney said. “Congress must pass the individual components of the jobs act.”
Obama told an audience in a Las Vegas neighborhood of underwater homes that he’s not gonna wait for congress.”So I’m here to say to all of you …We can’t wait for an increasingly dysfunctional (read: Republican) Congress to do its job. Where they won’t act, I will,”
Get it? “We can’t wait”. And by “we”, Obama means the collectivists and deadbeats who support him.
The housing and student loan initiatives can be seen as.setting up a precedent to go around Congress on other things, as well.
At Hot Air, Ed Morrissey opined that the administration is focusing on the wrong things:
The real problem in the housing crisis isn’t mortgages, it’s unemployment. Even an underwater mortgage is still manageable as long as the debtor maintains an income level that affords the payments. Foreclosures don’t happen because of devaluation of property — they occur because payments don’t get made. Further, if homeowners have steady incomes, banks don’t need government interventions for refinancing and restructuring mortgages; they have plenty of motivation to perform those on their own.
Keith Hennessey’s reaction to the program:
“If this were a huge program that would help several millions of underwater mortgages at an enormous cost to the taxpayer, there would be some interesting policy tradeoffs worth exploring. In particular, are the macroeconomic benefits of helping these homeowners refinance and potentially escape from their underwater mortgage worth the increased costs to the taxpayer and the inequities created in which one group of Americans subsidize others whose [housing] investments went bad? These same tradeoffs exist with this new policy, but I wouldn’t lose sleep over them when the policy is small. Still, Congress should ask FHFA for detailed estimates of the increased costs and risks to the taxpayer.”
Obama pretends that well-being the US economy hangs on the passage of his jobs boondoggle, but as Jack Welch, GE’s former Chairman and CEO, widely regarded as one of the best business leaders in history, told David Gregory on Sunday, there are actions he could take, that could help the slumping economy, now:
MR. WELCH: Oh, he can do a lot about the economy. He could look at drilling for oil. He can, by himself, can drive that posture. He could put a moratorium on regulation until we’ve got unemployment below a certain level. He could do it. And he could, most importantly, change the posture. Everything we do in this administration is more punitive than it is incentivized. Let me give you a perfect example. Let’s take the jobs bill. They put in there Section 371. That is an ability to sue for unemployed people who are out looking for a job to sue for $300,000, for example, if they hire Andrea who has a job and don’t hire me, unemployed. It’s crazy. They, they give a $4,000 incentive to hire an unemployed person, then they give a $300,000 penalty if you happen to discriminate against an unemployed person. Come on, you’ve got to get a positive framework.
In Las Vegas, the Organizer in Chief also threw in an ominous and creepy reference to his minions in the #OWS movement, “When our politics isn’t working, then the American people rise up and make sure they work.”
This is part of what the estimable Charles Krauthammer called, the “Scapegoat Strategy”:
These indignant indolents saddled with their $50,000 student loans and English degrees have decided that their lack of gainful employment is rooted in the malice of the millionaires on whose homes they are now marching — to the applause of Democrats suffering acute Tea Party envy and now salivating at the energy these big-government anarchists will presumably give their cause.
Except that the real Tea Party actually had a program — less government, less regulation, less taxation, less debt. What’s the Occupy Wall Street program? Eat the rich.
Fox Business reported:
Senate Minority Leader Mitch McConnell’s (R., Ky.) office reacted to the “We Can’t Wait” narrative by sending out comments the senator made Sunday on CNN. “The President is trying to convince everybody that somebody else, anybody else, is responsible for the fact that he hasn’t done a good job,” McConnell said.
Republicans point out that the president’s expensive stimulus plan has failed to work, and has dubbed Obama’s trip, the “West Coast Misery Tour.”
The NRSC produced a video portraying Obama surveying a post-apocalyptic Nevada, in preparation of a big Senate race, next year.