Tuesday, October 07, 2008
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The Government Is Going To Pay Our Mortgages?
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Posted by:
Jonathan Garthwaite at
11:18 PM
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I suspect a lot of conservatives would like to know more about what this means.
McCain: We've got to have a package of reforms, and it's got to lead to reform, prosperity and peace in the world. And I think that this problem has become so severe, as you know, that we're going to have to do something about home values. You know that home values of retirees continues to, to decline. And people are no longer able to afford their mortgage payments.
As president of the United States, Allen, I would order the secretary of the Treasury to immediately buy up the bad home-loan mortgages in America and renegotiate at the new value of those homes, at the diminished value of those homes, and let people make those -- be able to make those payments and stay in their homes.
Is it expensive? Yes. But we all know, my friends, until we stabilize home values in America, we're never going to start turning around and creating jobs and fixing our economy.
In addition to the bailout?
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Last Tuesday, October 7th, the second presidential debate that took place in Belmont University in Nashville attracted over 60 million viewers. Instead of coming to a more firm deliberation on how to improve the well-being of the United States and all of the American citizens who inhabit it, more questions have raised about how exactly these presidential candidates intend to better our obliterated economy. Frequent questions asked about the $700 billion Wall Street bailout were left unanswered. People are upset and even fear that it would not work and are in search of reassurance and a solution. It seems like their main focus is basically to criticize each other in hopes of rounding up a larger number of followers than the other. Their proposed intentions are based on completely irrelevant issues. Let’s take Barak Obama’s stance on payday advance lenders for an instance. He categorized them as “predatory lending”- effectively sanctioning the industry. This is not an issue that is downheartedly affecting our economy. As the real economic problems are ignored, they spend more time finding and using the pettiest affairs to add spice to the banking production.
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I'm dumbfounded at McCain's plan to nationalize home prices. Does he even respect the free market? It's like he listened to all the communist rhetoric when he was in Vietnam and is now putting it into action. After being part of the S&L fiasco and now the mortgage crisis, I'm starting to wonder if he's the Manchurian Candidate who's intent on ruining the American economy. Truly mindboggling. |
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http://ghettoconservative.blogtownhall.com/
My rationale is explained at my blog but do the thinking fellow conservatives! We either admit that populism is strong right now, and we buyout the $300 billion in housing loans or we give into the even bigger and nastier bailouts proposed by OBAMA-- check out my rationale |
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If McCain didn't lose all fiscal conservatives when he supported the bailout bill -he has tonight with his plan to buy up bad mortgages and renegotiate all loans.
Memo to McCain: You can't out democrat a democrat -stop trying. |
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I was very surprised when John McCain announced he wanted to nationalize home mortages. At first I thought the $300 billion was "in addition" to the bail-out, but in fact, it is not. After the debate FOX interviewed Mitt Romney and according to Mitt Romney, there is $300 billion WITHIN the $700 billion bail-out bill for this purpose. If Romney is correct, I think McCain should have told everyone the money is included in the bail-out bill today. I think everyone left the debate thinking McCain is going to add more spending to Nationalize Home Mortgages.
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I am being deadpan.
But doesn't this type of bailout benefit those who abused the system, rather those of us who borrowed wisely and prudently? I am for shoring up home prices, but I would like to know a lot more about this idea. |
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I cannot recognize my country any more. I do not even recognize what it means to be a conservative.
I guess McCain wants to get the vote of the irresponsible home buyer (10% of mortgage holders?) at the expense of the responsible home buyer (90% of mortgage holders and 100% of home owners) along with losing the vote of the people who eventually want to own a home someday, and that would be people like me.
House prices went up over 100% and have fallen 25% or so. They need to drop another 25% from highs or 35% from current prices to be in the range of affordable, which is about 12% higher than they were in 1998. John McCain continues to isolate himself from his base, and while Palin may give some level of benifit, McCain is tossing all of that benifit out the window. The only thing we have left is that he at least put Palin into the national spotlight so we know we have someone to look forward to in 4 to 8 years.
Cross posted from Michelle Malkin |
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This is completely undoable.
McCain has the good sense to say things like, "we won't let the government choose which doctor you go to," and now he wants the government to buy your house? Expensive doesn't begin to describe it. |
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