Forget Instarefi: Here Comes Instaloanforgiveness

Rumors are flying that Obama may order Fannie and Freddie to forgive $770 billion in underwater mortgages, thus giving his Wall Street benefactors yet another huge gift and perhaps bolstering Democratic chances in November.

At this point one thing is certain: as long as the Treasury can keep issuing trillions in new debt without a glitch, there will be nothing to stop the administration, now in its pre-midterm death throes, from throwing the kitchen sinks, and 9 other it bought on margin, at every imaginable problem. The Obama administration is about to take this country down in flames by spending hundreds of billions, trillions, tens of trillions on anything and everything, just like your garden variety drowning man clutches at straws.

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