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 ...
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.
Both.
I think this is an over inflated number. And the money has already been allotted.
“but it’s 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.
Carly fiorina is making a point on Greta that is moronic. In essence, a buyer complains that they can no longer afford the mortgage because the value of the house has fallen. This is like saying that you can no longer afford the car payment because the value of the car has fallen. I think that if a person can afford the mortgage payment even though the value of the house has fallen, then the payments need to be made regardless. If the person can not afford to make the payments because they got into a situation that should have avoided, tough luck. The Government should let well enough alone.
Michelle Malkin is a (coincidentally attractive) stream of consciousness. She’s the female counterpart to Glenn Beck; she gets something in her head, runs with it, and every single thing that happens becomes proof of it in her head. The end result is sometimes entertaining but far too often utterly irritating.
As for the mortgage issue, anybody who purchased a home between the years of, say, 2003 and 2006 paid, in most cases, more for their house than it was worth. The vast majority are still paying their mortgages on time. Purchasing those mortgages and renegotiating them would both provide liquidity to the banks who currently own them and provide a source of long-term profit to the government. Now, I don’t believe the government should be in the business of making money, but I don’t see it as massive socialism.
Actually, he is proposing (and/or has voted for) spending MORE spending than that. The cost of the McCain/Obama billionaire socialist bailout is now 800 billion and McCain has just proposed adding 300 million on top of that! We're gonna be screwed under President McBama next year.
As I understand it he is planning on using part of the $700 B for this, not additional $$.
I agree....but apparently no one get subtlety.
Thanx. It’s getting a little confusing. Any chance McCain can check into a hospital under a ruse and let the VP give his speeches?
I hereby nominate this for FR Quote of the Week!
Pinging this news item to rabscuttle385
#300 billion is a whole lot less than what Obama is going to spend on this.
I am resentful that I have to pay for any of this, however.
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