An underwater homeowner is defined as someone whose mortgage exceeds the value of his house. The Federal government is now gearing up to bailout these underwater homeowners by allowing Fannie Mae and Freddie Mac to refinance those under threat of foreclosure. These types of sub-prime loans were a large part of the housing and subsequent financial collapse in the first place, and Obama’s answer to fixing the sub-prime problem is to write more sub-prime loans to people who cannot repay them, or they wouldn’t be facing foreclosure in the first place. This strategy will work if the housing market suddenly and unexpectedly enters another inflationary bubble, which is not only unlikely but highly undesirable. On top of that, Fannie and Freddie are already deeply in debt, Freddie having already gotten 50.7 billion dollars from the Federal Treasury, and Fannie 30.4 billion. Of course we know this isn’t about underwater homeowners at all, but keeping Fannie and Freddie afloat so they can be looted by Democrat operatives like Raines and Gorelick, who voted themselves millions of dollars in bonuses based on falsified profit statements before the big collapse.

My home is my castle, we heard the man say

So what if the mortgage is due

Obama’s my man, he say not have to pay

My mortgage is paid off by you

With Fannie and Freddie behind me I’m set

To live here as long as I want

With Dems now in power I’ll take what I get

And if the bank takes it I’ll punt

Is this a great country, I’ll say that it is

When people like me without jobs

Can buy a new house with some dough that aint his

And live there like middle class slobs

And anyone questioning what’s going on

Is seen as a GOP tool

Although to be honest they’re wise to the con

It’s just that they want to be cool

They think that it’s awful that people like me

Who cannot afford to pay rent

Are denied owning houses as good as Spike Lee

Even though I don’t own a red cent

The Minnesota Supreme Court on Tuesday declared Al Franken the winner of the tightly contested 2008 Minnesota Senate election. Franken won by 312 votes out of 2.4 million votes cast. The election night returns gave the contest to the Republican incumbent, but the narrowness of the victory generated an automatic recount, and the Democrats brought in the man who stole the Washington state gubernatorial election for the Democrat loser a few years earlier by finding uncounted Democrat votes in desk drawers, and he succeeded in finding enough uncounted Franken votes in Democrat car trunks to overturn the election. And so Al Franken is now the junior senator from Minnesota. He will take his seat in the United States Senate in a few days, giving the Democrats a 60 seat filibuster proof supermajority, where they can pass any bill they want with total disregard for the wishes of anyone but themselves. Happily, Al will not be the only comedian on his side of the aisle, and was last heard singing that old ragtime song, I’m Alabama Bound, though with different words.

I’m Al Obama bound

They’ll be no filibusters while I’m hanging ‘round

Just gave the meanest ‘lection man on earth

All I’m worth,

Just to put my tootsies in a Senate berth

Just hear that gavel sound

You know that soon we’re gonna cover ground

And then we’ll pass all of Obama’s dreams

Crazy schemes

I’m Al Obama bound