McCain plan would buy bad homeowner mortgages
October 8th, 2008 . by TexasFredMcCain plan would buy bad homeowner mortgages
WASHINGTON (AP) - John McCain’s proposal to buy up bad home mortgages would use nearly half the $700 billion from the recent Wall Street bailout package to assist Americans directly, instead of indirectly by rescuing the nation’s financial markets.
The Republican presidential candidate announced during Tuesday’s debate that he would order the federal government to spend $300 billion in federal funds to buy the mortgages and allow financially troubled homeowners to keep their houses.
Democratic nominee Barack Obama last month sounded a similar theme, proposing that the government consider taking such a step.
But McCain’s approach was far more categorical.
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McCain plan would buy bad homeowner mortgages
John McCain voted FOR the Wall Street bailout. So did Barack Obama and his VP running mate, Joe Biden. Those are hard and indisputable facts.
McCain and Obama are both trying to use showmanship, trying to BS their way into our hearts as they play the let’s see who can tell us how much they are going to do for us and how much they’re NOT going to raise taxes while doing it game.
I am NOT an MBA, but even a dumb old blogger from Texas knows, you can’t just up and save Wall Street to the tune of $700B plus dollars, OUR tax dollars, and NOT raise taxes in the process. You can’t buy all the bad home mortgages and not raise taxes at some point. It’s just NOT going to work like that.
And if this isn’t enough, today House Speaker Nancy Pelosi, the most disgusting woman in D.C. this side of Helen Thomas, comes up with this load of crap.
DENVER (AP) - House Speaker Nancy Pelosi says a second economic stimulus plan is needed now because of the faltering economy and she puts the price at $150 billion.
The House did pass a $61 billion economic aid proposal last month before lawmakers left Capitol Hill ahead of the Nov. 4 election. But a similar plan failed to pass the Senate.
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Pelosi raises idea of $150 billion stimulus bill
Pres. Bush said he would veto this latest travesty, and damn well he should, I wonder why he didn’t veto the bailout in it’s inception? But, I also wonder why he supported the amnesty plan a while back too. I’m not blaming this all on Bush, but consider this; HUD: Five Million Fraudulent Mortgages Held by Illegals and this; Years of Extending Loans To Illegal Aliens Have Contributed To Economic Crisis…Congress Silent!.
Look at WHO wanted amnesty for the ILLEGALS, look at HOW, almost as soon as the American people stood up to the government and stopped the amnesty plan this financial crisis became front page news, and then look at WHO supported the bailout, many of the same Senators and Congressmen, by far, were supporters of the bailout and amnesty.
I’m not real big on conspiracy theories, but for crying out loud, talk about your coincidences. And look at WHO is paying the bills for all of this too…
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FRED, I REALLY RESPECT YOUR OPINION, JUST CURIOUS WHAT YOUR SOLUTION TO THE ECONOMIC CRISIS IS? IS THERE ONE? IF THE GOVERNMENT DIDN’T BAIL US OUT, WHAT OTHER GOVERNMENT WOULD HAVE, CHINA AND JAPAN WOULD HAVE JUMPED ON US LIKE STINK ON S*** , THEN WE WOULD SEE THE REAL “SSA”
JTEX, somehow, I really don’t see this as a question, I DO see accusation… Maybe I’m wrong, but by the tone of your comment, I really wonder…
I don’t have a solution, and even if I did, there would be no way to implement it. The government doesn’t listen to We, The People…
I am NOT a finance guy, I said that in the post, but in case you didn’t know it, Japan and China already own us…
Where have YOU been??
Fred, no accusation from me. I would just hate to see Japan and China own anymore of us than they already do. I personally would have liked to seen the the 700+ billion go into the pockets of the LEGAL taxpayers, then i don’t think there would be a problem with paying off mortgages. I did not in any way want to offend you. ( If we lived in a perfect USA and the government did listen to We, The People…. how would you recommend we solve this crisis?), anyone one else have a different solution?
As I said, I may have misunderstood, the ALL CAPS thing had me bugged…
There is a solution, and it has nothing to do with US having to pay for it. Hold Wall Street fiscally responsible, hold the mortgage companies fiscally responsible. Line the sons a bitches up, from AIG to start with, and shoot em down like the goddamned crooks they are, thieving bastards.
Responsibility, we conservatives believe in that, big business, and our SOCIALIST government believes in throwing OUR cash at any problem…
The solution lies in responsibility, and businesses having the balls to assume it, and government not trying to dictate every action with an equally disastrous reaction…
Thanks for clearing that up, I definately like your idea better than mine, (sorry about the all caps thing, my wife called me a dumb a** for that! ) I’m not very blogger savvy yet, still trying to learn all the lingo.
It’s called a F.U.B.A.R. And it has gotten to the point beyond all recognition. It CANNOT be “bailed out” or “rescued”. It has to be FIXED…and that’s a long slow methodical process in which a really HARD TIME has to be gone through by ALL… Many WILL fail, but MANY who never thought they could WILL find the newfound opportunities and EXCEL!
That’s why we call it capitalism and free enterprise. The Government meddling in it and mandating SOME of it while turning a BLIND EYE to the BAD parts of their actions caused this whole mess. Thinking that by them meddling in it EVEN FURTHER just prolongs the inevitable.
I’m like Fred…I’m so mad at the majority of our government right now I could spit nails…and my anger extends across BOTH sides of the political isle. I RANTED HERE
JTex, far be it for me to disagree with your wife..
Seriously, it’s OK, if you’re new at this, you gotta learn, and this is a tough playground… Just glad to have intelligent comments man, carry on, and visit more often…
The pundits said doing would lead to disaster. Correct me if I’m wrong, but isn’t what we have now a disaster?
The stock market has been overvalued since the late 80’s and yet it still kept going up and the credit was easy.
I say the market should be valued around 800 and we should have left it alone and let it find its own level.
However that didn’t happen, as many of us seemed to expect the Fed’s to ‘fix it’ after the Fed’s said not long ago there was nothing wrong with it, And the Fed’s are the same bunch who can’t even manage a the aftermath of a hurricane in one area of the nation.
I’m constantly amazed that people seem to think the Fed’s can fix anything when their track record says otherwise.
Listening to the debate last night about how McCain always said how he reaches across the aisle and how as president he will continue to reach across that aisle only reminded me that we have two Democrats running for President, but only one has a Conservative running mate.
BobF, BINGO!!
I think what we’re seeing is the result of the alleged “wide open spaces” in money. And it’s been building for years. The original purpose of “stock,” for example, was to allow a business to raise capital so that it might expand, build a new office, a warehouse, etc. But now, the procession of markets and investments are such that a great deal of control is proffered to and a great deal of “wealth” acquired by persons and companies who DO nothing, who BUILD nothing, who PROVIDE nothing. THEIR stock in trade, shall we say, is AIR. It is emotions. It is feelings, and predictions and guessing and then either hoping something falls precipitously and tanks or something soars. They do nothing, they stand to make money by creating NOTHING. They ARE in fact air, literally empty suits. And we are beginning to pay the price for people who do, contribute NOTHING but are excellent forecasters and manipulators.
John McCain “buying” bad mortgages makes the United States of America a new landlord. And you know what a landlord does: it sets the rules. The more of a whore you are, the more you suck from the government nipple the more now — and definitely in the future — the government will be DECIDING on HOW you utilize or interact with your shelter because, after all, it’s NOT yours. It belongs to the government. THEY hold the note and, more and more, the government has an agenda to hold and it is a SOCIAL agenda with YOU as the SUBJECT. And I DON’T mean “as opposed to predicate.”
You couple this, with an Obama presidency and a Demorat House and Senate, and in the not too distant future you really WILL get some of these possibilities: a complete fleecing of the American taxpayer to the point where taxpayers simply won’t put ANY discretionary spending back INTO play, and/or (likely both) societal constrictions and freedoms removed by a new government which pushes some factions of Americans, who have a history of perspective and DON’T have Historical Alzheimers (that is to say, they remember that things DON’T have to be as they might be, with even more occluded freedoms, who have a sense and a knowledge of where this nation has been and what it was like to live in it then, with true freedoms, fewer restrictions, a sense of an unbridled future) to the point where they believe the only venue left for repair is some form of insurrection, to possibly include violence.
You cannot stand to continuously pit the Producers of this nation against the Takers, and expect that terrible results will not eventually occur.
BZ
Here’s a post I did concerning the mortgage buyout and my experience with a BRAC closure at a military instillation. There may be some similarities?
http://antzinpantz.com/kns/?p=2998#comments