CRAZY MCCAIN AND HIS MORTGAGE DEAL

boblonsberry.com ^ | 10/09/08 | Bob Lonsberry

[shortstop]

McCain makes Bob Dole look like an all-star presidential candidate. If not for Sarah, I don't think I'd bother to vote this year.

[cripplecreek]

LOL

[rabscuttle385]

He ain't called McInsane and McQueeg for nothin'!

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[SwankyC]

Bob has been disappointing me lately. What he missed - and Glenn Beck told me this - is that Paulson already has the power to do what McCain is proposing and they dont have to ask us peons $hit. Apparently it's already in the bailout bill in seections 109 and 110. I have not verified this myself.

I'd say I'm disappointed in McCain, but ... Yea well read the tagline.

[Kackikat]

McCain and Palin explained that idea on Hannity interview yesterday...it was to get these people out of sub prime variable mortgages into fixed rate mortgages, and if I understood correctly it was the mortgages being purchased by the bailout..?? They will be responsible for that program if elected. It made sense to me...it’s the variable mortgage that keeps climbing that’s putting people into bankruptcy.

[VaRepublican]

Roger that, if not for Sarah then I would not even be voting for pres. Of course I’ll do what I can in my state politics but J McCain is still not the answer.

[mysterio]

I’m talking about his new wrinkle on the bailout fiasco.

Actually the power to buy up all of those mortgages is in the bailout bill itself. Apparently McCain didn't read it. Not surprising. Those of us who did read it were completely against it.

[Perdogg]

people are misleading the public on this.

[HappyinAZ]

Biggest finnancial melt-down in the history of the world with still an 70% chance of forcing a Great Depression....EVERYONE has ideas....that’s the kind of land we live in.....and since McCain’s never published the details of his ideas...this is all ranting, spewing and negative speculation.

[stuartcr]

I don’t think I will vote this election.

[Military family member]

I attended a roudtable yesterday on the bailout crisis. One of the speakers, a bank president and fellow Republican, said that he's being told by federal bank examiners that he should go ahead and issue mortgages to people with credit ratings as low as 570 and that the Government will back these mortgages.

So as the government bailouts out one end, it dumps the water back at the other end.

[tbpiper]

J McCain is still not the answer...

Absent Sarah Palin, you would then consider Obama (and all that goes with him) to be the answer?

[cripplecreek]

Won’t it be ironic if responsible buyers like myself end up losing our homes due to an inability to pay taxes used to pay for homes of irresponsible people?

[autumnraine]

“John McCain is insane.

I’m still voting for him, but he’s out of his freaking mind.”

HAHA! My sentiments exactly.

The alternative to Crazy John McCain is way too much to think about it, but boy this was a crazy idea of his! Who the heck is trying to pander to?

[Sunnyflorida]

“I understood correctly”

You did not. You got it wrong.

[shhrubbery!]

What he missed - and Glenn Beck told me this - is that Paulson already has the power to do what McCain is proposing and they dont have to ask us peons $hit. Apparently it's already in the bailout bill in seections 109 and 110. I have not verified this myself.

I thought, when I heard McCain "announce" this deal in the debate, that this was already part of the Congress/Paulson deal too.

IIRC that bill provided for judges to "renegotiate" mortgages ... pretty shocking - and, I would think, unconstitutional.

I haven't seen the details yet either. Some commentators were saying the McCain version is an idea originated by Martin Feldstein, who is supposed to be a conservative economist.

But either way, isn't this the gov't cancelling private contracts? Which I thought was unthinkable in our country -except in the case of fraudulent contracts. (Is the gov't now going to claim that merely stupid deals were "fraudulent"?)

[HappyinAZ]

Federal Bank Examiners are at the bottom of the bureaucratic food chain....I sure wouldn’t “take THAT to the bank”...(hahahahahaha)

[RockinRight]

I thought this was a poorly-executed explaination of something already in the bailout bill.

[adorno]

Well, you – who kept your word and paid your mortgage – will sell yours for $300,000 and walk away even. And your neighbor, who defaulted and got the new mortgage at the bottomed-out price, will also sell for $300,000 – and make $150,000 on the deal.

That 150,000 dollars gain for the "defaulting" neighbor, that's not exactly a loser for the country.

That would, when the house is sold, be a boost for the economy. More spending money equals more activity in the economy and more business income and more jobs. Even if the person invests it in a new home, that itself equates to more economic growth.

So, we might end up losing in one end, but gaining in the other.

[St. Louis Conservative]

This is what I’m talking about when I worry McCain may “ruin” Sarah. I don’t want her associated with craziness like this.