Skip to comments.McCain wants to spend $300 billion more to buy up bad mortgages
Posted on 10/07/2008 9:04:34 PM PDT by jddqr
I cant underscore enough what a rotten idea John McCains ACORN-like government mortgage buy-up is. I said it during my liveblog. And Ill say it again: HE WANTS TO EXPAND THE BAILOUT. He wants to do what ACORN wants to do. Were Screwed 08.
This was his supposed game-changer. This was the very first thing out of his mouth during the debate tonight his big pitch right off the bat. The McCain campaign immediately sent out this fact sheet on the proposal, which will cost at least $300 billion. The proposal involves directing the Treasury Secretary to purchase mortgages directly from homeowners and mortgage servicers. Thats on top of the trillion-dollar crap sandwich, the $85 billion to AIG, the $25 billion to automakers, the $200 billion in capital and credit lines to Fannie and Freddie, and who knows what else well be forking over to California, Massachusetts, etc., etc., etc.
He spent the entire debate assailing massive government spending while his featured proposal of the night was to heap on more massive government spending to pursue home ownership/retention at all costs. If Obama had proposed this, the Right would be screaming bloody murder about this socialist grab.
(Excerpt) Read more at michellemalkin.com ...
The “healthcare is a right” made me angrier.
Why don’t you wait and here what the plan is first? McCain said he will have freezes, cuts, and his budgets with be revenue neutral. Give the man a chance.
Yeah, I’m with you.
Is it just me or do we have to chose between two very bad candidates?
it’s just that obvious.
I forget, which one is the socialist?
McCain never said that but Obama did. I’m still waiting for Michelle Malkin to get outraged over Obama.
Yawn. I would vote for Satan rather than The Empty Maxist Suit.
There ya go! I agree.
I love you koolaiders. You amuse me. SOCIALISM IS GOOD BECAUSE MCCAIN SAYS SO! RAH RAH RAH!
Memo to Michelle Malkin: try attacking the other side.
I have become so tired of this woman.
That was B.O.’s comment, not McCain’s.
Thank you for making my point.
That made me apoplectic. Talk about frigging socialism and right after this bailout monstrosity that he suspended his campaign to help push through. How in the world did this guy become the standard bearer of our nominally “conservative” party? He is a BIG GOVERNMENT LIBERAL. Is he as bad as Obama? Of course not but he is the ultimate proof that we are left with two liberal parties in the US. We have no national conservative party. We have the democrat party and the democrat-light party.
Thank you too....for repeating my point.
It just depends on what the guidelines for the buy are, but right now..I have to go the same way our COMRADES on the other side. Whatever it takes to defeat Obama..we can deal with the details with McCain the White House, and Palin swinging the gavel in the SEnate..sorry Harry, but she is the President.
Last time I checked it’s not McCain proposing $860 billion in new spending.
But yes, in theory, it's all about keeping Obama and his thugs out of power.
Truth hurts, huh?
Carla Fiorina is on Fox right now supporting this Socialism and is proud of the idea that Gov’t should be doing this.
No it's not just you. "Vote for me because I suck a little less than the other guy" is hardly inspiring.
I’m so incredibly angry about this that I can’t see straight.
I am sick to my stomach over it. Carly Fiorina is on Fox now saying we have to stop falling house prices! Government can now set the value of houses? What happened to the free market? It’s called a bubble for a reason!!!!!!!
Somebody pinch me.
No, he’s only proposed trillions in spending/economic cuts via global warming. No need to get worked up over that, of course. Because McCain’s socialism is good, right?
Yeah, she stands up for conservatism and following the law.
The guy you idolize stands for socialism and breaking the law.
I can see where you tire.
We may have to vote for this tired old hump named McCain just to keep the Marxist out, but if Mc gets in, it isn't exactly a victory.
don’t complain about Mccain or you will be labeled a troll
to think that on FR in 2008 one cannot criticize John McCain without being called a troll is so frigging hysterical
whatever happened to history here...gang of 12 and so forth..
all you newbies have no clue do ya?
ok ok...i get it...Obama is worse and yes I agree and yes I’m doing my part
but it’s like choosing tween a fat girl and one with bad teeth
No offense to anyone other than Michelle intended.
I think when you stabilize some homes values you stabilize the price of every house on that street.Since Mccain’s plan seems to be aimed only at valid mortgages ie not ninja loans then it can make sense. Some borrowers were conned into arm mortgages and now they can’t make the payments but if they abandon their house every house on that street takes a beating in value.
Check out the charts for the Asia-Pacific equity markets for this evening. The markets opened before the debate, but tanked DURING the debate.
“WELL, WE’D BETTER WAKE THE HELL UP TOO, AND STOP THE INTERNAL WHINING FOR KRIPES SAKES!”
Hard not to when our candidate just poked us in the eye like that.
Exactly and this plan though not a good thing only apply to a fraction of home mortgages and has a cap on mortgages that it applies to. It would not help house flippers or others who bought lots of mortgages. It is like a student loan program for houses and most of the loans would be repaid with interest so it isn’t a give away. It still is not a good idea in the long run because of the precedence it establishes.
Can’t - the socialists have taken over this thread. I’ve said it before, FR needs a socialist enema.
its already in the damn bill (acorn) in the hope housing or some crap like that. obama is popular, media is covering his arse and without some liberal code words in atleast mccains speeches, we would lose and lose big. Americans are dumbed down, dont know why, but they are. let it ride, ignore what mccain says and focus on palin. they are doing red meat/chicken, good cop/bad cop. it will be OK.
Now he's got to get the Hitlery Dems to cross over.
McCain answered that question correctly. It is a responsibility not a right.
so who is going to bankroll the island where FReepers can live? I couldn’t be more mad at McCain right now even if I tried.
“How in the world did this guy become the standard bearer of our nominally ‘conservative’ party?”
George W. Bush
We are not in an ideal situation but McCain is clearly trying to put at ease middle class homeowners in trouble. Let’s see what he says about this tomorrow before we blow up.
Time to close ranks Michelle.
It’s a military phrase that means getting behind the leader is more important then the difference you have with that leader.
You can take this up again after the election.
I think this is an over inflated number. And the money has already been allotted.
“but its like choosing tween a fat girl and one with bad teeth”
Snort. Thanks for making me chuckle. I need it...
McCain proposed this in APRIL. Instead of buying up the bad loans at the other end, he is suggseting purchasing the mortgages where homes now have less value than the mortgage, and reissuing a new mortgage for the actual home value. It is designd to stabilize the housing market.
Until November 5th, this is the most brilliant proposal ever proposed. It is awesome, genius, fantastic, outstanding. No candidate has ever proposed a more perfect solution, ever. In the words of Bill Murray: I love this plan, I’m excited to be a part of this plan!
After November 5th... I’ll talk to you then.