A lot has been made of the “enthusiasm gap” that might or might not exist between Republican Teabaggers eager to take our country back to the 1750′s and the Democrats who would prefer to keep moving forward into the 2000′s. To some extent, I think the enthusiasm gap does exist. I have provided brief examples in the past few weeks that could help in deciding whether the gap exists and whether it should exist.
Here is the latest:
Mortgage companies enrolled in the Obama administration’s signature foreclosure-prevention initiative may be receiving taxpayer funds despite not having a legal right to the home or to the mortgage, a top Treasury Department official revealed Wednesday.
But despite faulty or missing paperwork, the Obama administration allows mortgage companies to boot homeowners from the program, sticking the borrowers with massive bills that often leave them worse off.
Call me a wild-eyed liberal, but when a Democratic President who campaigned on fixing the economic disaster we were hurtling towards does more to help out those who set us on the course for disaster instead of the rest of us who, for the most part, were simply trying to lead our lives, well, I think you might be able to guess what the result is. How enthusiastic should those homeowners be toward the President or his administration? Obama has been riding the campaign trail for fellow Democrats pretty hard since Labor Day, telling crowds that his administration stopped the U.S. from going into another Great Depression; telling crowds that his administration fights for the little person; telling crowds that the bankers should be held accountable for their actions.
Stump speeches are all well and good, President Obama. But when the banks who first offered loans to people who they didn’t check to ensure could afford them then bundled them up (without the requisite paperwork) and sold them to make a profit, then bought insurance policies on the loans, bundled those up and sold them to make more of a profit, then bet short on the packages because they knew they were worthless to make even more of a profit, then got taxpayer money to bail them out from the mess they created now get more taxpayer money to illegally kick people out of their homes, how much support can you really expect from those homeowners and taxpayers?
Especially when your administration hasn’t forced the banks to actually unravel those packages and see how worthless they really are? Those bad mortgage default swaps should be fully accounted for on the banks’ ledgers. Yet your administration has allowed the banks to play accounting games so the losses don’t show up. Are we really to believe that the only entities who didn’t suffer as a result of the mortgage crisis were the banks? They didn’t turn unprofitable in the past 3 years; they’ve continued to set record profits. How glad are American voters supposed to be about that? By the way, those bad packages will have to come due sometime. And if your administration continues to kick that can down the road, like you have to so many other cans in the past two years, the result when they do come due will be many times more painful and devastating to the American economy than if they had been handled in the past 2 years.
But by all means, keep campaigning and telling Americans that everything will be alright with you and your buddies in charge. You didn’t create this mess, but by not taking responsibility for it during your term (much like Afghanistan), the mess will become defined as yours in the annals of history. Perhaps taking care of the multiple crises you face can take a higher priority in the next two years than you chasing down non-existent Republican Teabaggers who will compromise with you. They’ve told you there will be absolutely no compromise. Believe them at their word and start moving this country forward again, Mr. President.