James Pethokoukis of Reuters reports that we might see the current administration use the Bush-era HARP program to forgive hundreds of billions in bad mortgages. The bailout would not require congressional approval, since the money would go to Freddie and Fannie. Both of those entities have no ceiling on their bailout amounts. Unemployment is heading back up, GDP growth is sluggish, and Obama’s numbers are low. Three reasons why we might see an August Surprise.