By John Lillpop ——Bio and Archives--October 24, 2011
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Obama’s new initiatives will focus on the housing and student loan crises. The housing mess will be addressed by downgrading the requirements for refinancing mortgages, with less emphasis of loan-to-value considerations and more focus on empathy, leveling the playing field, closing the wealth gap, minority rights and other social justice actions best handled by moon bats in big government.
The United States is in for another credit downgrade by year’s end if Congress fails to agree on a long-term plan to tame the nation’s $14.8 trillion debt, Merrill Lynch warned. In a research note, the Bank of America unit predicts that either Moody’s or Fitch will move to downgrade the U.S. AAA rating. Standard & Poor’s cut the nation’s bond rating in August, causing the stock and bond markets to swoon, after months of bickering by Congress on how to best reduce spending and cut the deficit. The United States spends about 40 percent more annually than it collects in taxes. “The credit rating agencies have strongly suggested that further rating cuts are likely if Congress does not come up with a credible long-run plan” to cut the deficit, Merrill’s North American economist, Ethan Harris, wrote in the Friday report. ”Hence, we expect at least one credit downgrade in late November or early December when the super committee crashes.”Gloom and doom everywhere, right? However, bear in mind that this warning was issued before the Obama plan was announced. Perhaps Obama’s “Re-inflating the Housing Bubble” and student loan handouts will help America avert the second historic downgrade on Obama’s watch?
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John W. Lillpop is a recovering liberal. “Clean and sober” since 1992 when last he voted for a Democrat. For years, John lived in the San Francisco Bay Area, the very liberal sanctuary city which protects, rather than prosecutes, certain favored criminals. John escaped the Bay Area in May and now lives in Pine Grove California where conservative values are still in vogue.