Particularly worrying is Obama's coming proposal for an infrastructure bank that would be able to borrow money without congressional approval to fund allegedly revenue-producing road and bridge construction. Even though these bonds would not be federally guaranteed legally, they will live in the in-between netherworld that Fannie Mae pioneered. But with highway mileage down and gas prices up, toll revenues are not likely to keep pace with construction activity. So defaults on the debt of the new agency are likely and, again, as with Fannie Mae and Freddie Mac, the taxpayers will end up paying off the debt.
In each sector of the economy, Obama's policies are contradicting one another and vitiating any effort at economic recovery.
He will stop at nothing to get his way no matter how underhanded and shady. We've been seeing it for going on 3 years.You can bet that any funding for bridges and roads will be given to union companies as payback for their votes.
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