Avast ye mateys, Biden's wild plan may send us all to Davy Jones' locker with another mortgage calamity! Arrr!
2024-06-17
Arrr, 'twas a mere 17 years back when the scurvy "subprime" mortgage crisis be sendin' the economy to Davy Jones's locker, givin' the financial markets a bigger wallop than the Great Depression. Aye, 'twas quite a storm, me hearties!
In the language of a 17th-century pirate, it seems those scallywags in Washington have very short memories, repeating the same blunders time and time again. Arrr, it be only 17 years ago that the "subprime" mortgage crisis sent the economy to Davy Jones's locker, with millions losing their booty. The miscreants at Freddie Mac and Fannie Mae helped light the fuse, offering risky loans that blew up in the faces of taxpayers, despite assurances of safety from the Washington soothsayers.Now the Biden bandits want to plunder even more, encouraging families to borrow against their homes, risking a treasure trove of $18 trillion in equity. This scheme could lead to a shipwreck if home values sink, just like the last calamity. The likely losers, besides the bilged homeowners, be the taxpayers.Why in Neptune's name would President Biden chart this treacherous course again? To splurge before the election, hoping to stimulate spending with government-insured home equity loans. Aye, it be a plan to drain families' ownership and fill the coffers of the housing industry, all while claiming it won't cost a doubloon.Washington be drowning in debt, yet Biden thinks more be the answer. There must be a cheaper way to buy an election, me hearties!