President Barack Obama promised on Saturday to help lower Americans’ mortgage costs with a new plan, coming soon, that would revive the financial system and “get credit flowing again.”
Obama, who has made fighting the country’s economic and financial crises the top priority of his young administration, called on the U.S. Senate to approve an economic stimulus bill that the House of Representatives passed this week.
But as economic conditions get worse the president said new strategies were coming to address the country’s ills.
“Soon my Treasury secretary, Tim Geithner, will announce a new strategy for reviving our financial system that gets credit flowing to businesses and families,” Obama, a Democrat, said in his weekly radio address.
Is this another new plan? Another $800 billion? I know that things are bad, but in his haste to do something, anything, are we not starting to bounce off the walls?
Maybe Geithner will suggest that people not pay their taxes to save money for their morgage payments and then only pay up if the IRS sends them an assessment notice like they did to him. What a worthless excuse for a Treasury Secretary; and no, this is not an ad hominem attack. This guy knowingly only paid up when the IRS assessed him the additional tax for 2003-2004 and did not pay the earlier years he then knew he owed until just before his nomination became public. Oh, and the IMF grossed up his salary to cover the payroll taxes he owed, as well as requiring him to fill out a worksheet each year to get the additional compensation.
Any of you clergy out there have your churches gross up your salaries to cover your 15+% self-employment taxes? Any of you clergy out there forget to pay your self-employment taxes? If you did, I bet you got a not too nice letter from the IRS, and once you did you made it right and right away.
Inother words, we got into this mess via the federal government inflating an enormous housing bubble, so what we need to do now is to reinflate that same bubble. What could possibly go wrong?