Michelle Malkin » Fiscal conservative hero: Sen. Bunning asks the right questions about the housing boondoggle

Fiscal conservative hero: Sen. Bunning asks the right questions about the housing boondoggle

By Michelle Malkin • April 9, 2008 01:55 PM

I applauded true maverick Sen. Jim Bunning (R-KY) last week for casting the lone vote opposing the Senate’s latest massive mortgage boondoggle.

The excellent L.A. Land housing blog has excerpts of a follow-up interview with Bunning, who sounds many of the hard-nosed, Suck It Up themes I’ve been pounding over the last eight months:

“This is an unusually bad bill, and I have opposed it from the start. The course it has followed almost guarantees that it will be filled with the worst kind of gimmickry. And it is. The Senate may be the world’s greatest deliberative body, but this bill is anything but the product of deliberation. It is a jumble of disjointed ideas, unlikely to solve the crisis at hand, and it’s unpopular.

“It turns out that the American people don’t like the idea of bailing out banks and their neighbors who gambled on home prices. The voters understand what is going on in Washington, better than we do. …

“Another provision that deserves far more scrutiny is the $4 billion in community development block grants that will be allocated to state and local governments to buy foreclosed properties. To begin with, this program is very poorly managed. The Wall Street Journal called it among the worst-run programs in Washington, and there is a lot of competition for that title.”

Sen. Bunning also picks up on some of the questions I’ve raised about the left-wing mortgage counseling racket, which would get a $100 million windfall under the current Senate proposal:

“Let’s not have any illusions. This extraordinarily unwise grant of taxpayer money is really just a bailout for banks in disguise. It goes to states, but the ultimate beneficiaries will be banks that made risky loans. Instead of selling foreclosed properties on the open market, these banks will have the luxury of selling to local officials with whom they may already have a relationship. These officials will be buying properties not with their own funds, but with ‘O.P.M.’ O.P.M. stands for ‘other people’s money.’ And, in this case, the O.P.M. comes from you and me, the American taxpayer, and millions of unborn Americans that we are saddling with even more debt.

“Another provision that could benefit from more thoughtful deliberation is the $100 million of spending on counseling. … We also don’t know all that much about the non-profit groups that will get the money. Are some of these groups funded mostly by credit card companies? If so, they will have a clear conflict of interest. Maybe they will actually advise people to abandon their homes to foreclosure in order to pay credit card debt. That would make the foreclosure situation worse, not better.”

Say it louder and repeat.

***

Send Sen. Bunning a note of support.

Watch Sen. Bunning’s floor statement against the housing boondoggle here.

Posted in: Subprime crisis

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#1

On April 9th, 2008 at 2:00 pm, 30 pcs of silver said:

Senator Bunning hat is off to you. Now what to do about your fellow Republican Senators…
#2

On April 9th, 2008 at 2:11 pm, Boomer said:

Senator Bunning appears to be the only sane man left in the US Senate when it comes to this crisis caused by greed and bad financial decisions. Being one of those that will be punished for buying a home within my means bailing forced along with everyone else to reward bad behavior I’m less than happy with the lying crapweasels. The only quick cure for this so called crisis is to “Suck It Up” and let the market correct itself.
#3

On April 9th, 2008 at 2:14 pm, Boomer said:

Correction: Being one of those that will be punished for buying a home within my means and being forced to bailout those rewarded for their bad behavior I’m less than happy with the lying crapweasels.
#4

On April 9th, 2008 at 2:15 pm, AlohaGuy said:

Wow, this guy gets it. The MSM ban will begin any minute now - you will never hear from him again.
#5

On April 9th, 2008 at 2:17 pm, brooklyn red said:

RE; Sen. Bunning, “The voters understand what is going on in Washington, better than we do.”

Well, if we still have a country and or the right to vote in 2012 this guy sounds like a contender…
#6

On April 9th, 2008 at 2:18 pm, zorro said:

Thanks to Sen. Bunning for having the Malkins to speak up. But may God help us all when this ~~corporate welfare bill~~ boondoggle passes.
#7

On April 9th, 2008 at 2:19 pm, terrig said:

Hear, Hear Senator Bunning-like you Boomer, I am sick we have to bail out those who bought more of a house than they could afford. What do those of us who buy within our means, saved for years to buy a house, and pay our bills on time do? I guess like the slugs on welfare we have to suck it up some more. Of course like the slugs on welfare they think there is no shame in asking the government to bail out your butt because you couldn’t or wouldn’t buy within your means or keep a job. Of course not and we have the two dims who want to have out even more to those who refuse to suck it up themselves.
#8

On April 9th, 2008 at 2:25 pm, John Ansell said:

Michell, I’m curious about Wells Fargo bank. I seem to remember that they were approving home loans for Illegal invaders. I wonder what kind of assistance we will be giving them?
#9

On April 9th, 2008 at 2:37 pm, nbarry said:

Sen. Bunning has just thrown the, ahem, financiers a high, hard one. He even brought up the credit card industry, which up to now has been untouchable. We have been witnessing the same chicanery that brought about the disaster of 1929, and action to right the financial ship according to the time-honored principles of ethical accountability must be done now before the dollar gets tossed into the junkpile and these three-card monte artists laugh at us all the way to Dubai and Hong Kong.
#10

On April 9th, 2008 at 2:40 pm, secondsight said:

I like this phrasing: “One doesn’t let deadbeats keep property”

I think of it as a contemporary version of “Give not that which is holy unto the dogs, neither cast ye your pearls before swine, lest they trample them under their feet, and turn again and rend you.”
#11

On April 9th, 2008 at 2:50 pm, Roman Con said:

John Ansell - no doubt! And what about the Bank of Amexica, er, America?
#12

On April 9th, 2008 at 2:55 pm, olympian2008 said:

Many here may not be aware of this. Senator Jim Bunning is a former MLB pitcher and Hall of Famer (elected in 1996). He played for the Detroit Tigers, Philadelphia Phillies, Pittsburgh Pirates and Los Angeles Dodgers. He is one of a very exclusive group of pitchers to toss a no-hitter in both leagues and one of 15 pitchers in major league history to throw a perfect game, his gem vs. the Mets in 1964.
#13

On April 9th, 2008 at 3:01 pm, Yashmak said:

Problem is, this bill was NEVER about fixing anything. This bill was introduced and pushed so that our legislators could tell all those who risked it all and lost big in the housing market “Look, we did something for you”. . .even if it doesn’t really do anything for those people.

To do this, they extract the money from us. Solves nothing, puts us all in it, and only ONE legislator stands up against it?!? I’m still flabbergasted.
#14

On April 9th, 2008 at 3:05 pm, tre said:

My wife and I bought a house that was probably more than we needed. We have good credit, and got a good, fixed-rate loan. We were able to make the payments, but it didn’t leave us much left over.
We decided to sell it and rent for a while.
Perhaps we should have kept it and waited for Uncle Sam to come to our rescue.
But, my parents raised me to take care of myself, rather than expect the Government to take care of me. They also raised me to have self-respect, rather than “self-esteem”
Does that mean my parents failed me in some way?
#15

On April 9th, 2008 at 3:19 pm, right_on said:

When Conservatives cave, bad things happen to society. One need only to look at California’s public school system. Liberalism at it’s worst! Since liberalism took over the public school system here (remember the dumbing down of America), drop out rates have increased, teachers salaries and benefits have increased, and costs per student have increased astronomically! The Democrat’s contribution to public education…what’s the phrase? Caveat Emptor?

I read in the local paper last week, that per student spending in Los Angeles County, is over $25,000 per student per year!!! Um-m-m, the cost per year at private colleges is how much? And what do our kids get out of it…indoctrination, not education. Now this….

Do we really need, or want the liberals to take charge of HOUSING, and the FINANCING of same? I don’t! My advice…follow the money! Let’s see what Democrat cronies are most likely to benefit from a this plan. It won’t be the public who benefits the most, I guarantee.

Thank you, Senator Bunning, for trying to show this program for what it is.
#16

On April 9th, 2008 at 3:22 pm, longbow said:

Thank you, Senator Bunning. I’m glad for your voice on this - a lone voice in the wilderness, it appears.

Is it too late for him to run for President?
#17

On April 9th, 2008 at 3:53 pm, txvet2 said:

Is it too late for him to run for President?

You don’t get it. The RNC will be financing a primary challenger next election because he didn’t follow the party line.
#18

On April 9th, 2008 at 3:58 pm, GAP said:

I read somewhere that many of these properties were second mortgages from “house-flipping” and vacation homes.
#19

On April 9th, 2008 at 4:08 pm, Mister P said:

1 lone man of foresight in a sea of thieves.
#20

On April 9th, 2008 at 4:19 pm, Lan Astaslem said:

I love that this man is my Senator!

We have Jim and Mitch. I don’t think it gets much better than that, really. Bunning is not up for reelection until 2011, but I plan to do whatever I can to keep him in office, should he choose to run again. We need many, many more with good old-fashioned common sense — rather than those with a sense of entitlement.
#21

On April 9th, 2008 at 5:03 pm, chaosrainz said:

Another Kentuckian here and I support Jim and Mitch as well.
They make me proud.
#22

On April 9th, 2008 at 5:14 pm, oregonelam said:

Yes, my name implies an Oregon resident, but I’m a 7th generation Kentuckian, and therefore, always a Kentuckian. Bunning would have made a great governor, but I’m glad he’s there as a Senator.
#23

On April 9th, 2008 at 5:26 pm, graysonret said:

Until they revoke the Community Reinvestment Act, this will go on and on. I thank you Sen. Bunning for your efforts. Someone is sane in D.C.. Lord knows, we’ll have Wall Street investors next, demanding compensation for bad deals. “Mommy and Daddy” government will be there to help, courtesy of the taxpayer…you and me. It gets votes for the democrats/socialists.
#24

On April 9th, 2008 at 6:28 pm, Radiojoe1470 said:

The man was one helluva pitcher, and he obviously still is.

His perfecto came on Father’s Day in 64; an appropriate day for a man with 9 children.

I rooted for him then, and still do.
#25

On April 10th, 2008 at 5:54 am, graysonret said:

I would like see the Enumerated Powers Act by Rep. Shadegg passed, but it has been a losing bill since 1995. 44 members support it, but not one Senator (including all Presidental candidates) support it. This bill would require all bills to have attached, an explanation that shows it is constitutional. With the “general welfare” idea, so abused and used today, I doubt anyone will see it, in the near future. Government will continue to run rampant over our lives to help those who refuse to help themselves.
#26

On April 10th, 2008 at 7:30 am, jangle said:

I currently have two houses because I transfered and cannot sell my first home. So if I stop paying on it the government will bail me out? I guess I’m a fool for taking responsibility for my own actions!