David Gregory’s Meet The Press this weekend had a good discussion on the economy. Thomas Friedman was particularly interesting. However, what I wanted to point out is Representative Maxine Waters called on President Obama to call the bankers in to his office and demand principle reductions as well as 4% mortgages for all. The quote runs from 37:30 – 38:10.While Rep. Waters comments may be a little extreme there is a push coming from the administration that there will be a massive refinancing effort brought forward shortly. There are a lot of issues with that proposal however, I just want to say that it’s not so much the interest rate that’s killing homeowners…when your home used to be worth $300,000 and now it’s only worth $200,000, does it really matter if the government will lower your interest rate from 5.5% down to 4%? You’re still $100k underwater.