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 ...
Hey stupid! Your are voting against the most dangerous Empty Suit Marxist ever to come within striking distance of becomomng POTUS. GET A FREAKING BRAIN CELL!!!!!
It’s over for McCain. He lost 10million conservative votes tonight.
perhaps individual bankruptcy judges deciding what someone should owe (redefining value) on their home mortgage would be a better idea? That’s what the dems want.
Yep, I think she needlessly is overacting which again shows Michelle Malkin cannot be taken seriously.
McCain’s proposal is nothing new, it is part of the 700 billion bailout money.
McCain deserves criticism tonight but McCain isn’t the sum of his gaffs. He is a mixed bag but I’ll bet in the end he will be much more conservative on spending, taxes, and government waste than ever George Bush was. We have to keep things in perspective. I wish he was an articulate conservative that didn’t feel the need to pat Ted Kennedy on the back so much.
It makes me sick but I’ll tell you what will make me even more sick and that is Nationalized Health Care, the economy being driven into the ground as businesses and corporations are taxed out of the country.
The bail out bill already passed. Maybe he's using the money that's ALREADY been allocated. Shouldn't we wait and find out what he's talking about before jumping to conclusions?
I heard Fred Barnes say the McCain overstated what the plan was ... I'll wait and see before I comment on it.
Correct. He was way ahead of everyone else especially Man Child. Text of speech dealing with this:
These reforms must wait on the next election, but to help our workers and our economy we must also act in the here and now. And we must start with the subprime mortgage crisis, with the hundreds of thousands of citizens who played by the rules, yet now fear losing their houses. Under the HOME plan I have proposed, our government will offer these Americans direct and immediate help that can make all the difference: If you can’t make your payments, and you’re in danger of foreclosure, you will be able to go to any Post Office and pick up a form for a new HOME loan. In place of your flawed mortgage loan, you’ll be eligible for a new, 30-year fixed-rate loan backed by the United States government. Citizens will keep their homes, lenders will cut their losses, and everyone will move on — following the sounder practices that should have been observed in the first place.
It’s important as well to remember that the foolish risk-taking of lenders, investment banks, and others that led to these troubles don’t reflect our free market as it should be working. In a free market, there must be transparency, accountability, and personal and corporate responsibility. The housing crisis came about because these standards collapsed — and, as president, I intend to restore them.
The grave problems in the housing market have been viral, spreading out to affect the credit and buying power of Americans even as the price of oil and gas is rising as never before. There are larger problems underlying the price of oil, all of which I will address in my energy plan, but in the short term there are crucial measures we can take.
Full text:
http://www.realclearpolitics.com/articles/2008/04/mccains_economic_speech_in_pit.html
“Hey stupid! Your are voting against the most dangerous Empty Suit Marxist ever to come within striking distance of becomomng POTUS. GET A FREAKING BRAIN CELL!!!!!”
AND I NEVER SAID THAT I WASN”T PULLING THE LEVER FOR MCCAIN. I am. But boy will I be holding my nose.
Bingo.
Actually, I heard a radio discussion between several economists on this topic last Saturday night and it sounded like a reasonable proposal. Less cost to Govt in the long run.
Good points. Also the price of gasoline has really drained some people who otherwise would have been able to make their house payments. We had some right here on my block that had to just give up and go back to renting.
I would rather spend some of the bailout bill helping deserving people than Wallstreet CEO’s or Foreign Aid that Obama proposed.
All I know is, I've never felt so much between a rock and a hard place as I do this election.
Maybe we were....Yes, we were fooling ourselves.
If the value of my house falls to half of what it was when I bought it, that has exactly zero effect on my ability to pay the mortgage. (Except that my taxes will go down.)
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Actually your taxes may not go down. Our County Assessor explained that the rate of taxation on homes is set to meet the county budget so if all homes are worth less they will simply tax more per assessed value to meet the budget of the county. I pay almost $5000 a year now in property taxes for city and county.
“It’s over for McCain. He lost 10million conservative votes tonight.”
It is not over yet by any stretch of the imagination. He just hurt himself with that but the wound is not fatal. We have a month.
And he's counting on it.
“Shouldn’t we wait and find out what he’s talking about before jumping to conclusions?”
Doesn’t matter. Myself and millions of other people have played by the rules, got a fixed mortgage, and worked our butts off paying a higher monthly bill than people who got flaky mortgages. Now those folks will be “bailed out” and the folks like us who were playing by the rules all this time are screwed.
It doesn’t matter where the 300 billion comes from. The true vulgarity is that it is being done at all.
My thoughts exactly. Keep the gun grabbing Communist out of office!
If your house is worth less than it was when you bought it, that has zero effect on your ability to make the payments and zero effect on the lender’s liquidity.
The liquidity problem, occurs if you default. That’s when the lender may lose money, if you had a zero-down mortgage and have not paid anything on the principal yet. In that case, the government buying the house in order to keep you in it only exacerbates the core problem: unqualified people getting mortgages.
“Stabilizing prices” through government subsidies is a perversion of free markets. It didn’t work when Hoover tried it, and it won’t work now.
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