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McCain wants to spend $300 billion more to buy up bad mortgages
michellemalkin.com ^ | 10/7/08 | Michelle Malkin

Posted on 10/07/2008 9:04:34 PM PDT by jddqr

I can’t underscore enough what a rotten idea John McCain’s ACORN-like government mortgage buy-up is. I said it during my liveblog. And I’ll say it again: “HE WANTS TO EXPAND THE BAILOUT. He wants to do what ACORN wants to do. We’re 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.” That’s 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 we’ll 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 ...


TOPICS: Constitution/Conservatism; Government; News/Current Events; Politics/Elections
KEYWORDS: 2008debates; backstabber; bailout; betrayed; fundedbysoros; malkin; mccain; mccainpolicy; mccaintruthfile; mccrazy; mcinsane; mcsoros; mortgages; obama; rino; rinomccain; sorosboy
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I'm so incredibly angry about this that I can't see straight.
1 posted on 10/07/2008 9:04:35 PM PDT by jddqr
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To: jddqr

Get over it! I don't care what McCain says. He can say whatever he wants, just so long as we keep NOBAMA out of the WH!


2 posted on 10/07/2008 9:05:56 PM PDT by The Bronze Titan
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To: jddqr

The “healthcare is a right” made me angrier.


3 posted on 10/07/2008 9:06:19 PM PDT by anniegetyourgun
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To: jddqr

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.


4 posted on 10/07/2008 9:06:29 PM PDT by Norman Bates (Freepmail me to be part of the McCain List!)
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To: The Bronze Titan

Right.


5 posted on 10/07/2008 9:06:41 PM PDT by unspun (Web search: "Cloward-Piven AND Obama" - get the truth out to all GOP officials & conservative media.)
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To: jddqr

Yeah, I’m with you.

Is it just me or do we have to chose between two very bad candidates?


6 posted on 10/07/2008 9:06:41 PM PDT by Islander7 (The only thing Obama has to fear is the truth!)
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To: The Bronze Titan

amen.

it’s just that obvious.


7 posted on 10/07/2008 9:06:59 PM PDT by ken21 (people die and you never hear from them again.)
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To: jddqr

I forget, which one is the socialist?


8 posted on 10/07/2008 9:07:04 PM PDT by nufsed
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To: anniegetyourgun

McCain never said that but Obama did. I’m still waiting for Michelle Malkin to get outraged over Obama.


9 posted on 10/07/2008 9:07:09 PM PDT by Norman Bates (Freepmail me to be part of the McCain List!)
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To: jddqr

Yawn. I would vote for Satan rather than The Empty Maxist Suit.


10 posted on 10/07/2008 9:07:17 PM PDT by AmericaUnited
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To: The Bronze Titan

That means YOU TOO, MICHELLE!


11 posted on 10/07/2008 9:07:17 PM PDT by The Bronze Titan
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To: The Bronze Titan

There ya go! I agree.


12 posted on 10/07/2008 9:07:22 PM PDT by FlingWingFlyer (If Barack Hussein Obama is the answer, it must have been a pretty dumb question.)
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To: Norman Bates; The Bronze Titan

I love you koolaiders. You amuse me. SOCIALISM IS GOOD BECAUSE MCCAIN SAYS SO! RAH RAH RAH!


13 posted on 10/07/2008 9:07:43 PM PDT by Crazieman (RIP USA. Killed by demonrats and RINOs like McLame. Welcome to the USSA)
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To: jddqr

Memo to Michelle Malkin: try attacking the other side.

I have become so tired of this woman.


14 posted on 10/07/2008 9:08:55 PM PDT by Norman Bates (Freepmail me to be part of the McCain List!)
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To: anniegetyourgun

That was B.O.’s comment, not McCain’s.


15 posted on 10/07/2008 9:09:17 PM PDT by G Larry ("Disgust" is a valid expression!-Vote Family Values!)
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To: Norman Bates

Thank you for making my point.


16 posted on 10/07/2008 9:09:20 PM PDT by anniegetyourgun
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To: jddqr
This is going to backfire because most Americans have to pay their mortgages and their taxes and only a small percentage of homeowners are in trouble. If it looks like welfare, and it smells like welfare, it's welfare.

This will cost him a couple of points in the polls.
17 posted on 10/07/2008 9:09:49 PM PDT by microgood
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To: jddqr

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.


18 posted on 10/07/2008 9:09:55 PM PDT by DemonDeac
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To: G Larry

Thank you too....for repeating my point.


19 posted on 10/07/2008 9:09:56 PM PDT by anniegetyourgun
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To: Crazieman

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.


20 posted on 10/07/2008 9:10:03 PM PDT by Oldexpat (Drill Here, Drill There..we must drill everywhere.)
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To: Crazieman

Last time I checked it’s not McCain proposing $860 billion in new spending.


21 posted on 10/07/2008 9:10:10 PM PDT by Norman Bates (Freepmail me to be part of the McCain List!)
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To: The Bronze Titan
Well, here's the thing. They bring in Sarah Palin to shore up the conservative base and the theory is that that frees up McCain to work on winning over the independents. We just had a fantastically unpopular bailout of ... how many billions are we up to? ... and McCain essentially said he's going to ADD to that. Is this going to win over the independents? I'm thinking it's not.

But yes, in theory, it's all about keeping Obama and his thugs out of power.

22 posted on 10/07/2008 9:10:10 PM PDT by workerbee (Sarah Palin's very existence is a threat to the Left.)
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To: Norman Bates

Truth hurts, huh?


23 posted on 10/07/2008 9:10:28 PM PDT by Crazieman (RIP USA. Killed by demonrats and RINOs like McLame. Welcome to the USSA)
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To: jddqr

Carla Fiorina is on Fox right now supporting this Socialism and is proud of the idea that Gov’t should be doing this.


24 posted on 10/07/2008 9:10:40 PM PDT by BGHater (The GOP, the new DNC.)
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To: Islander7
Is it just me or do we have to chose between two very bad candidates?

No it's not just you. "Vote for me because I suck a little less than the other guy" is hardly inspiring.

25 posted on 10/07/2008 9:10:52 PM PDT by GATOR NAVY (guess I'm just a spudboy)
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To: jddqr

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.


26 posted on 10/07/2008 9:11:00 PM PDT by volunbeer (Dear heaven.... we really need President Reagan again!)
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To: AmericaUnited
NOBAMA can spend all night flatulating out of his mount and the RATS won't give a RATSASS, just as long as he wins.

WELL, WE'D BETTER WAKE THE HELL UP TOO, AND STOP THE INTERNAL WHINING FOR KRIPES SAKES!


27 posted on 10/07/2008 9:11:03 PM PDT by The Bronze Titan
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To: Norman Bates
Memo to Michelle Malkin: try attacking the other side.

She is.
28 posted on 10/07/2008 9:11:10 PM PDT by WackySam (The Constitution is not an a la carte menu.)
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To: Norman Bates

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?


29 posted on 10/07/2008 9:11:13 PM PDT by Crazieman (RIP USA. Killed by demonrats and RINOs like McLame. Welcome to the USSA)
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To: Norman Bates
Memo to Michelle Malkin: try attacking the other side. I have become so tired of this woman.

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.

30 posted on 10/07/2008 9:11:20 PM PDT by Yossarian (Everyday, somewhere on the globe, somebody is pushing the frontier of stupidity...)
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To: jddqr

don’t complain about Mccain or you will be labeled a troll

lol....actually LMAOLMN

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


31 posted on 10/07/2008 9:11:32 PM PDT by wardaddy (i can see now why despots always purge the media first.....if I had a rocket launcher)
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To: jddqr
I understand how you feel, but these morons like Malkin need to stand back and take a careful look at the man they are helping to get into office, Barack Obama. McCain's desire to spend $300 billion pales in comparison to any of a number of Obama’s proposals, such as the $775 billion World Poverty Relief bill. Add to that all the lost freedom, which is nearly impossible to get back, that Obama wants to see legislated, and people like Michelle Malkin need to just shut the hell up and quit preening in front of their blogging mirrors.

No offense to anyone other than Michelle intended.

32 posted on 10/07/2008 9:11:41 PM PDT by Jeliota
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To: jddqr

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.


33 posted on 10/07/2008 9:11:52 PM PDT by northernlightsII
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To: jddqr

Check out the charts for the Asia-Pacific equity markets for this evening. The markets opened before the debate, but tanked DURING the debate.


34 posted on 10/07/2008 9:11:52 PM PDT by Warlord
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To: The Bronze Titan

“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.


35 posted on 10/07/2008 9:11:57 PM PDT by DemonDeac
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To: The Bronze Titan

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.


36 posted on 10/07/2008 9:11:59 PM PDT by Maelstorm (This country was not founded with the battle cry "Give me liberty or give me a government check!")
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To: volunbeer

Can’t - the socialists have taken over this thread. I’ve said it before, FR needs a socialist enema.


37 posted on 10/07/2008 9:12:14 PM PDT by Crazieman (RIP USA. Killed by demonrats and RINOs like McLame. Welcome to the USSA)
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To: The Bronze Titan

amen!
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.


38 posted on 10/07/2008 9:12:22 PM PDT by CanadianMusherinMI (Mrs. Musher here!)
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To: jddqr
Chill. McCain is playing to the PUMAs. He's got the GOP base locked by choosing Palin as VP.

Now he's got to get the Hitlery Dems to cross over.

39 posted on 10/07/2008 9:12:23 PM PDT by FReepaholic (Palin's hot and she has a birth certificate.)
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To: anniegetyourgun

McCain answered that question correctly. It is a responsibility not a right.


40 posted on 10/07/2008 9:12:31 PM PDT by Maelstorm (This country was not founded with the battle cry "Give me liberty or give me a government check!")
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To: jddqr

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.


41 posted on 10/07/2008 9:12:42 PM PDT by AmericanGirlRising
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To: DemonDeac

“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.


42 posted on 10/07/2008 9:12:53 PM PDT by Norman Bates (Freepmail me to be part of the McCain List!)
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To: jddqr

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.


43 posted on 10/07/2008 9:12:57 PM PDT by Doug TX
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To: anniegetyourgun
The “healthcare is a right” made me angrier.

Me too, but McCain wants to tax our employer's contribution to our healthcare and then give us a tax credit. Once that happens they will eliminate the tax credit.

They both suck on healthcare.
44 posted on 10/07/2008 9:13:01 PM PDT by microgood
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To: The Bronze Titan
I think McCain made his proposal sound a lot more expansive than it really is. Malkin may be overreacting to McCain's imprecision. We'll see.
45 posted on 10/07/2008 9:13:10 PM PDT by afortiori
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To: nufsed

Both.


46 posted on 10/07/2008 9:13:22 PM PDT by Pining_4_TX
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To: jddqr

I think this is an over inflated number. And the money has already been allotted.


47 posted on 10/07/2008 9:13:27 PM PDT by Salvation ( †With God all things are possible.†)
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To: wardaddy

“but it’s like choosing tween a fat girl and one with bad teeth”

Snort. Thanks for making me chuckle. I need it...


48 posted on 10/07/2008 9:13:32 PM PDT by jddqr (Chuck Baldwin for President '08)
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To: jddqr

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.


49 posted on 10/07/2008 9:13:35 PM PDT by Williams (It's The Policies, Stupid.)
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To: jddqr

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.


50 posted on 10/07/2008 9:13:37 PM PDT by advance_copy (Stand for life or nothing at all)
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