Stocks tumbled another 260 points by lunchtime today bringing the Dow Jones Industrials closer to its bear market low of 7449 that was hit on Nov. 21 after Barack Obama was elected president.
Since Nov. 4, 2008, the DJIA has tumbled more than 2,000 points.
Tomorrow, Obama is expected to announce a plan that will force lenders to lower payments for homeowners who fell behind on their mortgage loans and are at risk of foreclosure.
According to the NY Times, “the plan, to be announced Wednesday, is expected to include government subsidies for reducing a borrower’s interest rate, which a lender would have to match with its own money.”
How can lenders match the rates with money they claim they don’t have?
Guess who’s going to end up paying for all those bad mortgages in the long run?
Obviously Obama thinks that those of you who are hard workers and pay your bills on time won’t mind footing the bill for the ones who purchased homes they knew they couldn’t afford.
This is called redistribution of wealth. Well, you said you wanted Change. 🙂