In another display of just what a shameless corporate lackey he truly is, President Obama has refused to institute a temporary moratorium on foreclosures.
After one million foreclosures last year, the USA is currently on track for 1.2 million foreclosures in 2010. Recently, it came to light that tens of thousands of these foreclosures are not legitimate. Even some banks have instituted a voluntary and temporary moratorium on their own foreclosures.
But our beloved President, the man who promised us "Change You Can Believe In", has refused to do anything about a temporary moratorium while the confusion over legitimacy is investigated.
Senate Banking Committee chairman Christopher Dodd said last week, "American families should not have to worry about losing their homes to sloppy bureaucratic mismanagement or fraud". This seems like a reasonable statement. But Obama remains unconvinced, offering instead a weak and whining excuse that "there are a number of unintended consequences".
Think about this, my friends. Our President has decided that it is better to have American families fraudulently evicted from their homes, than to have investors temporarily unable to recoup their investment.
Excuse me, but, the last time I checked, the concept of "investment" carried with it the idea of risk. You risk your capital in hopes of earning a profit. The greater the risk, the greater the expected return, if the investment goes well. A mortgage is not like that.
I am hard pressed to say which is more appalling in this action, (or rather refusal to act), by the administration. On the one hand we have the utter craven cowardice of the President's decision. And on the other hand we have the shamelessly brazen pandering to bankers and other corporate interests.
Story at BBC News here