Obama's Mortgage Plan Driven by Emotion, not Sense

Tuesday, 25 Oct 2011 09:39 AM

By David Limbaugh

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President Barack Obama couldn't have chosen a more fitting slogan than "We can't wait" to promote his latest legislative elixir for our ailing economy. What could be cleverer than to employ double meaning in aid of doublespeak?

CBS News reports that Obama will use the phrase to sell his jobs bill and to justify his plan to take unilateral executive action on the economy.

Obama has enlisted the phrase to argue that America can't wait on the private sector to generate economic growth. He can't wait on the people to get up to speed with his superior wisdom or for Congress to rubber-stamp his latest destructive scheme.

He will not be denied; he will not be delayed; he will not wait.

So he "is going to begin a series of executive branch actions that will not require action from Congress — or the assent of Republicans," including a "major overhaul" of the government's refinance program for federally guaranteed mortgages to assist homeowners who haven't been able to secure refinancing.

How many times do we have to go through this song and dance, in which the executive branch arbitrarily alters already-existing contracts? How many times will this policy have to fail before Obama quits trying it?

This is a perfect scam for Obama. Just as we watch the Occupy Wall Street protesters condemning the banks for actions forced on them by liberals, Obama is again forcing them into similar actions so that the protesters will have something to protest next year.

Audacious is no longer an adequate word to describe this president. He forced through his first stimulus through crisis-leveraged fear-mongering and then never really used but a fraction of that money for so-called stimulus purposes. Why would anyone still believe a thing he says?

Who is he to tell us "we can't wait" on the proper constitutional safeguards against such precipitous executive action? He is not America's king. The Framers deliberately placed safeguards in our system to prevent such capricious executive action.

Where does Obama get the authority to force banks to make loans on terms he prefers, irrespective of the sound banking practices that guide such decisions? The answer is that he doesn't believe he needs authority, only "noble" intentions.

Just like the liberals who crammed through their affordable housing policy, he believes that people ought to get a break. It doesn't matter that most of them won't be able to pay back these loans.

What matters is that Obama wants to take money from people who he believes have too much and give it to those who he believes don't have enough. To him, that is the highest purpose of government. Call it "economic justice," because that's what he and his fellow radicals call it.

The concept of "We can't wait" is nonsensical on its face — not that the absence of reason and common sense is any deterrent to such emotion-driven policies. He is implying that because we can't wait for the private sector to create jobs and he can't wait on Congress to pass his jobs-destroying jobs bill, he must order banks to make their loans less creditworthy. It's a classic non sequitur.

He's using the phrase as a ploy to deceive us into believing that his regulatory action would also help the economy when the only thing it would do is shift money around. This is no more about creating jobs than was his stimulus bill, but like the stimulus bill, it would be a lawless, unconstitutional redistribution of wealth.

It's true; Obama can't wait for Congress to sign on to his insane plans, because it won't, and he can't wait on the will of the people to embrace his patent statism, because they won't.

What we really can't wait on — what America can no longer wait on — is for this president to quit spending more money than we take in. We can no longer wait another 900 days on the Senate to produce a budget. We can no longer wait on structural reform to our entitlement programs. We can no longer wait for the Supreme Court to nullify Obamacare or for Congress to repeal it. We can no longer wait for Obama to quit behaving like an absolute monarch with no accountability.

But sadly, we have to wait on these things — until 2012, when we can throw out of office those who refuse to obey the law by waiting to act until they have the constitutional authority to act.

David Limbaugh is a writer, author, and attorney. His latest book, "Crimes Against Liberty," was No. 1 on the New York Times best-seller list for nonfiction for its first two weeks. Follow him on Twitter @davidlimbaugh and his website at www.davidlimbaugh.com.






© Creators Syndicate Inc.

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