McCain wants to spend $300 billion to buy up bad mortgages; Martin Feldstein behind it
Scroll down for updates…McCain’s April 15 remarks added below…Economist Martin Feldstein pitched the plan in the WSJ…see response below…
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 (update - McCain says it would be included in the 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 to have the Treasury Department renegotiate individual home loans and become chief principal write-down agents for the nation.
As I put it this morning: “Getting credit is not a constitutional right. Preserving home ownership should not be a government imperative to be pursued at all costs. Neither should foreclosure prevention at all costs.”
Read and weep:
AMERICAN HOMEOWNERSHIP RESURGENCE PLAN
John McCain will direct his Treasury Secretary to implement an American Homeownership Resurgence Plan (McCain Resurgence Plan) to keep families in their homes, avoid foreclosures, save failing neighborhoods, stabilize the housing market and attack the roots of our financial crisis. America’s families are bearing a heavy burden from falling housing prices, mortgage delinquencies, foreclosures, and a weak economy. It is important that those families who have worked hard enough to finance homeownership not have that dream crushed under the weight of the wrong mortgage. The existing debts are too large compared to the value of housing. For those that cannot make payments, mortgages must be re-structured to put losses on the books and put homeowners in manageable mortgages. Lenders in these cases must recognize the loss that they’ve already suffered.
The McCain Resurgence Plan would purchase mortgages directly from homeowners and mortgage servicers, and replace them with manageable, fixed-rate mortgages that will keep families in their homes. By purchasing the existing, failing mortgages the McCain resurgence plan will eliminate uncertainty over defaults, support the value of mortgage-backed derivatives and alleviate risks that are freezing financial markets.
The McCain resurgence plan would be available to mortgage holders that:
· Live in the home (primary residence only)
· Can prove their creditworthiness at the time of the original loan (no falsifications and provided a down payment).
The new mortgage would be an FHA-guaranteed fixed-rate mortgage at terms manageable for the homeowner. The direct cost of this plan would be roughly $300 billion because the purchase of mortgages would relieve homeowners of “negative equity” in some homes. Funds provided by Congress in recent financial market stabilization bill can be used for this purpose; indeed by stabilizing mortgages it will likely be possible to avoid some purposes previously assumed needed in that bill.
The plan could be implemented quickly as a result of the authorities provided in the stabilization bill, the recent housing bill, and the U.S. government’s conservatorship of Fannie Mae and Freddie Mac. It may be necessary for Congress to raise the overall borrowing limit.
Read that last paragraph again. He would enact this new spending plan using the authorities provided in the stabilization bill — the same ones I reported on in my special column for the NYPost today championed by Obama’s friends at ACORN.
It’s a great idea…for everyone who bought overpriced homes with Adjustable Rate Mortgages. Those who rented or bought within their means or locked into fixed-rate loans that they can afford are out of luck, naturally.
Question: Will he propose a similar plan for those who bought mutual funds at or near the market top?
Dude, where’s their bailout?
***
Stephen Spruiell gives thumbs down:
Yeah… didn’t Congress just enact major legislation to address this problem? The Housing and Economic Recovery Act of 2008 created a federal mortgage-insurance program for lenders who agree to reduce mortgage payments for struggling borrowers.
How is McCain’s plan different? I’ll try to explain. Let’s say you have a $200,000 adjustable-rate mortgage. Your home’s value has declined, your interest rate has gone up and you can no longer afford to make the payments. Under current law, the government will guarantee your mortgage if your lender agrees to work out a deal with you.
Under McCain’s plan, the Treasury Secretary would buy your mortgage from whoever owns it and then deal with you directly. In many cases, the Treasury Department would already own your mortgage, because it is about to buy up $700 billion worth of mortgage-backed securities. But under McCain’s plan, Treasury would also become your loan servicer…McCain’s plan is redundant, and it would create significant new responsibilities (and costs) for an already-beleagu[e]red agency. I’m not sure what the campaign was thinking.
Let me repeat what I said about this plan in my ACORN column, because every word applies to McCain:
This will radically expand the federal role in meddling with mortgage loans. The key sections mandate that the Treasury “consent” to rewriting loans to prevent foreclosures – not only by reducing interest, but also by cutting loan principal.
Stuck with a $300,000 mortgage you can’t pay? Get the government to wave its magic wand and cut your debt to $150,000.The deal is only for those who have fallen behind on their mortgages, of course – not for all you chumps who’ve been paying on time.
And it’s a good bet that ACORN mortgage counselors will “help” decide which distressed borrowers benefit, and how.
The group’s housing arm, the Acorn Housing Corp., is already funded with millions of taxpayer dollars to renegotiate loans for low-income people who should have never received them in the first place. Loan modification is ACORN’s bread and butter.
And when the group doesn’t get what it wants, it will sue, protest and shake down until business and government bend again.
Rep. John Culberson (R-Texas) foresees havoc: “Liberals who manage these programs will give away millions of free or reduced homes in neighborhoods all over America to families who could not otherwise afford them.
“The federal government now has the power to create federal housing projects, house by house, in neighborhoods all over America. Just imagine what that means for property values and the safety and security of your neighborhood.”
All this comes on top of the $5 billion ACORN-backed housing bill passed in July, which hands $600 million-plus to ACORN and similar groups to bail out homeowners under water and help countless more risky loan prospects.
During the floor debate on Friday, Reps. Frank and Waters assured Democratic colleagues that they had personally lobbied Treasury Secretary Hank Paulson on these measures and would press him to consent to “do the kind of loan modifications we’ve been urging.”
Waters exulted: “We’re in charge! . . . We own them now.”
If the banks and others that collect payments on these distressed mortgages don’t write down enough loan principal to keep Rep. Frank happy, he threatens hearings and new legislation next year.
He’ll have the backing of ACORN. ACORN President Maude Hurd warns that her “members plan to hold Secretary Paulson accountable and ensure he uses this authority to make streamlined loan modifications a priority for struggling American families.”
What’s next? Principal write-downs on credit cards and car loans? What incentive do responsible borrowers have left to pay their bills on time?
***
Commenter astonerii adds: “It does not matter whether it is on top of the current $700,000,000,000.00 bailout. It is the simple fact that McCain thinks that house prices need to be stabilized by government mandate . That the government has any business at all to do with the price of a home. That the government’s duty is to keep people in their overpriced homes. That the government should discriminate against non home owners by helping establish home prices that are outside the range of many if not most people who work near where the homes are located. The government is not the economy, unless you are communist marxist socialist. Get the God Damned American government out of my pocket and my choices and do it now.”
Andy McCarthy counts the many other ways that McCain’s performance was a disaster.
Andy, I’m with you.
***
Ugh. McCain talked about his home loan plan in April:
These reforms must wait on the next election, but to help our workers and our economy we must also act in the here and now. And we must start with the subprime mortgage crisis, with the hundreds of thousands of citizens who played by the rules, yet now fear losing their houses. Under the HOME plan I have proposed, our government will offer these Americans direct and immediate help that can make all the difference: If you can’t make your payments, and you’re in danger of foreclosure, you will be able to go to any Post Office and pick up a form for a new HOME loan. In place of your flawed mortgage loan, you’ll be eligible for a new, 30-year fixed-rate loan backed by the United States government. Citizens will keep their homes, lenders will cut their losses, and everyone will move on — following the sounder practices that should have been observed in the first place.
***
Reader reaction is pouring in. A few of the best ones:
From e-mailer Danny…
Sorry to say – during tonight’s debate – all I had to hear was: (1) McCain offer additional housing bailouts in response to the 1st question and, (2) a dedicated lack of confrontation in response to (a) Obama’s ‘Bush = McCain’ rhetoric and, (b) lack of willingness to drive a stake into Fannie Mae + Franklin Gaines + Obama & Democrats – that I had to fight myself from turning the TV off.
Clearly – the wrong Republican on the ticket was out there tonight.
What about all of McCain’s talk about “victory”? It matters in Iraq, but not in Michigan, not in tonight’s debate?
Gov Palin sounds like more of the leader I am looking for – not someone to call me “friend” – but someone to show me some fight. If I feel this way – I wonder what our servicemen and servicewomen in Iraq and Afghanistan will think about when they see this performance and truly study it with a critical eye?
Take the gloves off – and put on the brass knuckles.
I will still vote for the McCain-Palin ticket – but only because Gov Palin is on it. Truly, I feel sorry for her. At least she FIGHTS. Sen. McCain’s performance tonight was more like Captain Hazelwood of the Exxon Valdez – playing slalom with icebergs.
Jimmie at The Sundries Shack:
And what about the non-homeowners who have worked hard and decided, responsibly, not to live under the Damocles’ Sword of an Adjustable Rate Mortgage knowing that, at some point, that rate was going to adjust upward and put them in serious trouble?
Screw us, apparently.
Here’s the thing, though. The value of housing fluctuates with the demand for housing. The government is hideously bad in picking the value of anything. Don’t believe me?
The government has been helping to set the value of health care through Medicare for decades. How’s that been working out?…
And from commenter DirkBelig:
While on points tonight’s debate was a draw, in all practicality it was the beginning of the end for the once-great nation of the United States of America.
When is Kathleen Parker going to demand that McCain drop off the ticket to spare Sarah Palin the embarrassment? After Palin finally forced Obama’s radical pals into the light where even CNN had to acknowledge their existence, McCain doddered into the debate tonight and blew it, allowing the pundits on Nightline to declare such talk the desperate actions of a rapidly fading candidate “talking about 40-year-old events when the public is worried about the economy today.” He sent his wingman out on a mission and left her hanging out to dry.
Buying up bad mortgages was his big idea for the evening? Why not just hand him a horn labeled “ME TOO!” for him to honk whenever Obama promised to give everyone (but Mean Rich People) a tax cut and a kitten that will only poop rainbows? Allowing Obama to twist the “he doesn’t understand” riff back on him allowed a demerit on Obama become a slam on McCain that taps into the public’s fatigue with a seemingly-endless war that Dubya never was able to articulate the need for when it counted.
We are four weeks until the Election and the only one speaking the Truth about Obama is Sarah Palin. McCain isn’t getting his message out thru the Treason Media’s filters. Obama’s ACORN cronies are rounding up homeless people to commit voter fraud in Ohio already. With conservatives already leery of McCain and only staying interested because of patriotism and Palin, the longer he shuffles along, the more likely this “imperfect servant’s” last public act will be to deliver the United States into the hands of the fascists and communists that he once fought against and suffered under. I wonder if he even knows how badly he is failing – not only himself, but his country?
Too bad I never developed a taste for therapeutic alcohol because if I did, I’d be self-medicating something fierce now. Cheers!
***
Apparently, some conservatives think this individual home loan mortgage nationalization plan is okay because economist Martin Feldstein proposed it. If you think falling housing prices are the “problem,” then of course you’ll go along with massive government intervention to stop the “crisis.”
I agree with this guy:
This has got to be the stupidest idea I’ve ever heard.
The argument about a low-cost loan cutting back on monthly payments has a tiny degree of merit, but the idea that the homeowner is going to think about his mortgage obligation differently because it is split into two pieces is just plain dumb – especially if the new loan is full recourse and from the U.S. government!
The whole idea of somehow propping up home prices is just sickening and the notion that renowned economists still think the root cause of the current problem is falling home prices rather than the policies that allowed home prices to rise to their previous bubble heights – well, that’s even more sickening.
More reax:
Dumb idea. Only someone with a degree in Keynesian economics would think splitting a mortgage into two parts is somehow “helping” the upside-down borrower.
Plus, anyone who is foolish enough to borrow from the government with full recourse would be asking for trouble. Ask anyone who is behind on their student loan payments. Miss a payment or two and the penalties and interest will multiply the balance due beyond the point where you will ever catch up, and the IRS will garnish your wages to get the money back.
As with any government “deal”, the likely downside far outweighs the possible upside.
***
The trouble with the government changing the terms of existing mortgages is that they will have to totally destroy contract law. Any advantage given to one party in a contract will be a disadvantage to the other party. We will no longer be a country of laws but a country of arbitrary government edicts.
Feldstein is nuts. He claims to be worried about “overshooting” on the way down. History shows that declining home prices don’t overshoot the way stocks often do. Instead, the decline slows as prices approach fair value. Then nominal prices stop falling as inflation gradually eats away at the real value of real estate. Nominal prices start rising again only when they have roughly reached fair value. The reason real estate prices don’t overshoot on the way down is because they are sticky upwards.
Feldstein’s concern about overshooting suggests that he thinks the fair value for real estate is a lot higher than it actually is. Notice that he thinks a 15% decline over the coming year would be enough to return housing to reasonable levels. (He’s using real numbers, not nominal. With our current 4% inflation rate, he’s talking an 11% nominal decline over the next year.) Feldstein’s real aim is to prevent a much-needed real estate correction.
Feldstein is a Republican. I thought Republicans were supposed to believe in the free market. I guess they do except for when they don’t.
Yeah, that ship has sailed.
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Categories: Barack Obama, John McCain, Subprime crisis
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All I see are 2 socialists, with their hands in my pocket, arguing on how they’re going to spend my money. Makes no difference to me; I’ve been “legally robbed” one way or the other. Oh, sure, they’ll pay me back, of course. I’ve heard that before, a few times…usually from former friends.
Amen, graysonret!
My conscience tells me to not vote for any presidential candidate.
If I vote for McCain, I am settling.
If I don’t vote I won’t feel any guilt.
We won’t keep Obama from winning by voting for McCain.
It is set in motion and there’s no stopping it…..evil forces are in control. This is MHO.
I was cussing at him about that a long time ago. Medved he got McAmnesty, and we will have Obama.
How, in God’s name, did we get stuck with these two idiots for Presidential candidates? This is what happens when the people of this country can only whine about how bad things are and not take the time to educate themselves on politicians. We the people keep electing the same crooks and we are stupid enough to whine about them!
We have the government we deserve. We’re all to blame.
It’s becoming more clear by the day, at least for me, that somebody else is pulling the strings. Our system is rigged. It’s devolved into a Circus sideshow where each “performer” (especially the human spending machine, Obama) tries to outdo the other. There isn’t enough money in the world to address their spending folly. For me, this appears to be the day of reckoning for whomever really runs our government. Printing worthless notes. Distributing them through a corrupt banking system. Lending them to people unable to repay. It’s lunacy! And here we are watching on TV and rooting for our favorite guy. Bread and circuses at their finest.
One thing for sure is these people better wake up, if you were to replace the words of “mortages” with illegal immigration the same thing is happening, like looking into a mirror. Our Gov. out here wants to borrow how much to meet payroll? and how much do we spend on illegals? oh wait its 15 billion a year… this warning is the same as the fannie and freddie warning that was sounded years ago and no-one listened.
Do they think the cost of illegals is going to go down? lol, we are screwed if we dont act and act now.
You know you will be called a racist because your socialist is black don’t ya?
You guys can claim that your standing on principles by not voting for McCain. But this is McCain same as always, we knew that going in. So why is this so shocking? But having a tantrum and staying home and not voting is just plain stupid. Yes things will suck with McCain, but do you really want to be responsible for a Dem in the White House, Dem control of Congress, and more liberals in the Courts? Yes we are screwed as conservatives this time. But we don’t have to screw our country over because we’re left with a bad choice. I’m voting for McCain even though I don’t like where he stands on most issues. Why, because I will be damned if I sit back and let someone who clearly does not love his country get elected as President.
I was such a FOOL to ever listen to my father and save money and live within my means. The value of my house dropped 20% along with everyone else’s but because I’ve been frugal all these years, because the loss was 85% my own personal loss instead of a bank’s loss, because I’m not anywhere near upside down on my mortgage, because I EARNED substantial equity in my house, the only ones getting MY tax money are the home buyers who blew their wad and bought something outrageously beyond their means, as well as banks who foolishly lent them the money!
Yes indeed – WHERE IS MY BAILOUT!
McCain, Obama, Bush and most of Congress are REWARDING THE DEADBEATS FOR BEING DEATBEATS!
My question to ALL of them is HOW will doing that do one thing to cause them to change?
Answer ME Congress – HOW?!!
You are right. I have never once said I was going to vote for McCain, ever. I have always said he has the opportunity to win my vote. I think Obama was right when he said of McCain, “it’s like he takes pride in being ignorant”, but really it is that he takes pride in being a jerk.
I can just see the commercial where we have 10 of the most influential conservatives helping carry Obama over the finish line of a race against McCain.
Every and I mean every single time McCain does something a conservative can be proud of he follows up within 24 hours with something that reminds us that he is not someone we want to vote for. The other day he finally opened his mouth about the real causes of the financial crisis and made us all proud, and the follow up was a giveaway to irresponsible mortgage holders.
My home is paid for? Where’s my bailout?
Your “barn door” is open and I see something hanging from your nose!
WHY, OH WHY IS IT EVERYTIME I START TO LIKE McSHAME, HE JUST HAS TO REMIND ME OF WHY I DON’T LIKE HIM!!!
This idea is something my father-in-law has been considering as well. I’ll tell you what my hubby told his dad. That’s nice but don’t you want to have a President who you know will come in and get you should the fit hit the shan in your adopted country? Food for thought.
As for McCain. I have election fatigue… where’s Sarah? Sarahcuda?
Move to another Country? and miss out on all this Fun!
nah.
Why this man continues to accept Democrat talking points instead of telling it like it is is beyond me.
Hey John, you’re running for President of the United States, not senior class!
I know that this might not cool things down, but this may be the clause that mitigates (somewhat) the Stupid-Mortgage-bailout.
How many of these people really qualified with no proof of income and no downpayment?
Maybe McCain is playing with the socialists, but I am hoping that is all…
You are SO right on the money on this. Right then is when I knew WE’RE SCREWED ‘08.
As I already said this morning, it might have been thoughtful if McCain had at least prepped Romney and Thompson that he was going to do a liberal fan dance during the debate. Then they could have had the option of heading for the door. But not our Maverick. Disliked by people in his own party? Oh, yeah. Big time.
Me and my wife, almost at the exact same moment when he said this said, “there goes my vote” and i followed up with “the brilliant man has just thrown 90% of mortgage holders and 100% of homeowners under the bus for wonderful purchase of 10% of mortgage holders. What about people like me, who are still aspiring to responsibly purchase a home?”
It took me two hours to watch the debate because I had to pause, rewind and commentate so much.
And what’s that business about looking up and comparing their records… does he not know that people have the attention span of a gnat? While you have a captivated audience why not use the opportunity to showcase your assets. Talk to the American people, don’t send them on research assignments. It negates the whole point of a debate. Geez.
Does anyone here really think John McCain wants to win? I don’t. I still go back to the article I read about McCain wanting to change parties in 2001. I know this is devious thinking but could he actually be trying to sabotage the Republican party? Nah…I think this election is making me lose my mind!
But McAmnesty won’t live forever, and then there is Palin. I am still gonna vote for the jerk.
If “conservatives” hadn’t been so bluenosed about nominating a Mormon, none of this would be happening right now. Remember why the media was preparing hit pieces on Romney before Palin was named McCain’s VP? Because they know he’s got a brain…unlike McCain.
He happens to be who I voted for in the primaries. I take your point, though.
Are people who don’t own a home yet able to get this discounted mortgage too? And if the house costs $250,000, will the government finance 100% but then make my principal only $175,000, which is effectively what they’re doing for the idiots who gambled and lost? If not, is there any reason I should not be able to sue the government for unfair lending practices, if given all other factors are the same?
The Fed cut rates 1/2 point. The death spiral continues.
I will still vote for the jerk. I just dislike him more now. Why couldn’t he name names, Dodd, Frank, Ayers, Wright… and connect the dots?
AIG throws $440,000 bailout party in California.
Nice. Is this how they’re going to be spending out tax dollars?? On parties?
Why not? What do you want – accountability?
Will someone please tell me the difference between McCain and Obama besides the color of their hair?
Problem is that the USA used to be the place to move to if you wanted freedom. Now there is no more “Shining City On The Hill” as Reagan used to call America.
Austrailia comes to mind but they have their own share of liberal laws/leaders. At least they do not have an open border.
Anyone have other ideas?
What I don’t get, is why do they think these deadbeats are going to bother to make mortgage payments, no matter how they diddle the interest rates and principal? If they hold out and don’t pay, more than likely they’ll just get offered another bailout at a lower rate, down to zero, and a principal balance down to nothing. Free Housing! What a concept! End result? Instant slums, the same as in the cities with government provided housing. If you don’t own it, you don’t take care of it. Ask any landlord.
Crap. Fed and world banks drop their base rate. World markets briefly rally from around 5% down to less than 1% down, but an hour later they’re back to 3% down and dropping.
US futures were pointing to another big dive today. The Fed announcement came, futures shot back in the other direction, indicating 200+ point rise in the DOW, but now an hour later, futures point currently to a 150 point drop in the DOW, and increasing..
Wow, there is absolutely ZERO confidence in the markets out there.
Maybe the Fed and world banks shouldn’t have bothered.
Say hello world depression. The only comfort I can get from this is that Obama and the democrats will have to wear this one, although no dobt their entire term will be spent blaming Bush and doing absolutely nothing, much like Congress.
Austrailia = Australia
I wasn’t in front of a tv but lisyened on the radio.
Either, this was the performance of a tired, old man or someone who has given up because the writing’s on the wall.
Unless something big happens (which could with almost a month to go, this one’s done.
And maybe so are we.
After last night’s new proposal from our LOTE, each wants to destroy the economic system that made America great.
Obama wants to steal from us, not because of a perceived sound strategy, but because it’s fair.
McCain is just clueless.
I fear for my country.
I’m being reminded more and more of the movie “On the Beach”. Noplace left to go.
Didn’t have the stomach to watch the debate last night. I knew McSocialist would screw us over. From the sounds of it, he exceeded my wildest expectations — zero.
He physically nauseates me.
I’m calling my local RNC office (Richmond) and asking them to log my comment that Juan be dropped from the ticket. Haven’t had time to read all the posts this a.m., so don’t know if anyone commented that Juan’s econ adviser, Mitt, said, “What?” when Juan walked off stage last night (or so claimed Steve Deucy on F&F this a.m.).
Now that it looks like the Muslim ticket is going to win, Israel will bomb Iran, and soon. That conflict will no doubt have the sheeple trembling and elect the war hero. My only hope is that he’s too occupied with foreign affairs to let his PTSD get in the way of his socialist agenda and that Palin gets to preside over it.
Rush always says, “I’ll let you know when it’s time to panic.” This sure sounds like the day.
“Anyone have other ideas?”
The Philippines: cheap ocean-front property, low to non-existent taxes, low cost of living, healthy clmate, warm and friendly towards Americans…
Where to go? There is nowhere to go.. the USA is the last remaining piece still above the water line of a rapidly sinking ship…
May I suggest revolution? Actually that sounds far too Marxist. Rebellion?
He ususally manages to find a silver lining somewhere, but he’ll have to be a magician to find one behind this thundercloud.
Government expansion. That’s what it is about. FilmLadd, can better explain the mind of a collectivist but that’s at the heart of their decisions.
I got the message. I will stop paying my mortgage for a couple of months and let unlce sugar reduce my principle.
This literaly is the screw you, i got mine bill of 2008.
Australia and new zealand have an illegal immigration problem. Except they are asians. They actualy do alot more to remove them than we do. In new zealand we can actualy feed our families from 1 hectere of land.
Get back to me when they do a MasterCard bailout!
Yeah, right, the Average Joe doesn’t have a lobbyist.
I guess along with TRUTH IN LENDING, another great AMERICAN IDEAL is falling by the wayside… The sanctity of the CONTRACT… I was always lead to believe a CONTRACT was a PERSON’S WORD… Now let the FEDS bail your over your head butts out, to HELL with the CONTRACT… UNCLE SUGAR will re-negotiate it for you… As for me, when OL’ JUAN talked about an ADDITIONAL 300 BILLION for DEADBEATS, he lost me again… The man is bound and determined to LOSE this race by HOK OR CROOK…Amazing that he is now the one SNATCHING DEFEAT FROM THE JAWS OF VICTORY… Out of gratitude the DEMS should set OL’ JUAN up with a GOLDEN PARACHUTE of immense proportions…
Coming in 10…9..8..7..6..
Seriously, they seem to be in a race to see who can give the most money away. A 100 billion here, a hundred billion there, soon you are talking REAL money.
Coming in 10…9..8..7..6..
Seriously, they seem to be in a race to see who can give the most money away. A 100 billion here, a hundred billion there, soon you are talking REAL money.
hey presto…. double post… for my next trick I will make LGM see reason…
Tom Brokaw said thee were literally thousands of questions that were submitted last night but it was left to him to choose the questions to be asked. Surprise! Nothing remotely related to Obama’s background or relationship with Ayers or Wright. MSM strikes again!
my email to John McCain:
If you go to the RCP poll tracking, you see a swing of 7-8 percentage points between polls. One has him up by 9 another up by 2. These polls are really out of wack and it makes me wonder about them.
In fewest words it seems we need to do what we can to elect McCain and if we successful, even before he is inagurated we go to war against him.
Off topic: Son of Democratic lawmaker indicted for hacking the e-mail account of Sarah Palin:
http://news.yahoo.com/s/ap/20081008/ap_on_el_pr/palin_hacked
If this passed, this is how I see it going down, people will stop paying thier mortgage for a few months, get the federal bailout, reduce thier principle by half (thanks for paying off my mortgage
suckerstaxpayers) then be able to pay the rest off when the dollar goes to crap.So any of you McCainannites still planning on voting for the moron?
what are the reasons to vote for mccain again?
its pathetic.
The one good thing about last nights debate is that I was able to go to bed knowing who our next president of the US will be. We of course all knew months ago it was not going to be anyone good so that didn’t matter. However, there were plenty of good GOP yes men and women who had been telling all of us how worthless we are for not voting for McCain and how a vote for anyone else is a recognition that we are voting for McCain. McCain proved last night that is not so.
Today and last night I felt sorry for all of you hacks, because you had finally seen that McCain sold you out as well, as he will do to everyone sometime or another. You see, “breaking with your party” and “reaching over the aisle” to McCain, means he is ok with “stabbing” a friend in the back, not that he is willing to compromise.
McCain swings in the wind like any good Senator, using last night to pander to the next group he thinks he is losing to and that group just happens to be the same group that Obama always panders to. John McCain is no different than Obama and possibly even more dangerous because he is a republican. In McCain’s quest to be loved, it is obvious he go to whatever means necessary to win approval, including more massive gov’t handouts. Worst of all, if McCain does these things, there will be a group of republicans who feel compelled to follow suit, unlike if Obama was the one proposing them.
Of course, with McCain’s leadership, I am not we are going to have to worry about Congress, since the liberals will have the majorities they need.
He is not Obama. We have some shot at working with McCain but zero shot at working with Obama.
I’m afraid mccain will spend most of his time working ie bending over….for democrats, while the republicans hold the bag.
What an absolute shame! McCain could have owned this election just on the financial crisis alone, had he taken a stand for the people. It’s looking more and more everyday that he wants to lose this thing. Perhaps HE was bought off by the Obama machine a long time ago to throw the election. Nothing would surprise me at this point.
I ask again, who on this blog voted for Mac in the primary? To you all, I say: (1) shame on you, and (2) thanks a freakin’ lot! We could’ve had Romney or Thompson.
The $300B figure would be drastically reduced if individuals who refinanced in order to purchase one or more of the following are removed from the list:
1) Car, truck or motorcycle
Breast augmentation or other plastic surgery
2) Boat
3) RV
4) Vacation home or rental
5) Cruise of vacation
6) Home addition or “bonus room” add-on
7) Plasma or LCD flat panel HDTV
9) Season tickets to the local professional sports team
Disqualifying these owners as those who gamed the equity system to feed their greed would most likely limit the add-on that McCain proposes to about $25.73.
This list was compiled from acquaintances and neighbors I know who refinanced (in California) during the housing “boom” and reported using their “wealth” to purchase the one or more of the aforementioned items. Your experience may vary. But I doubt it.
My mortgage payment doesn’t go change when my home value goes down. It only goes up when my school district hires more administrators. My house is the same and my payment is the same, so what is the big problem?
McCain, like George 1 and George 2 is going after the deadbeat voters that will NEVER vote for a Republican.
I want to be the commissar that interviews those people closely
gotta make sure those implants are real…
McCain said: “America’s families are bearing a heavy burden from falling housing prices, mortgage delinquencies, foreclosures, and a weak economy”.
I could say the same thing about myself and my stamp collection. Many years ago the bottom dropped out of the stamp collecting hobby as values dropped. Well, nobody came to bail me out, to buy my stamp collection from me, to pay off any loans I might have made to buy stamps, to make up for the weak market for stamps, to pay me back the money I lost from buying overpriced stamps from dealers who misrepresented them to me. Well, I still collect stamps and I still love it. The point is I am not expecting the government to bail me out for everything. I told my wife yesterday that I have to admit to myself that America is changing, changing into a country where everyone expects to be “protected” from themselves. This is absolutely repulsive to me. Why have so many people lost pride in themselves? Why why why???
Life really sucks when one lives in a democracy and the only choices we get to vote on are a RINO and Socialist.
Where, oh where is the conservative leadership?
This election is between a Marxist and a Socialist. I thought this was America.
With an overwhelming Democrat/Socialist majority looming in Congress, does it really matter who is President? Pelosi and Reid will run wild and unchecked. All we need now is Don Meredith singing “Turn Out the Lights, the Partys Over.” Say goodbye the USA, and hello to the SSA. God help us all.
A little off topic but I was watching Fox news this morning and heard about the new Newsweek cover. Not saying it is in the same league as the US Weekly but I think it deserves some attention.
Not anymore. My husband thinks there will be a revolution after the tyrant steals the election.
Actually I’ve noticed that this whole thread has wandered a bit.
I didn’t watch the debate. Judging from the comments here my time was better spent stocking up on groceries at Wal-Mart.
For those who wasted two or more hours watching this farce?
Tough to be you…..
By the way, ErinF…
Which tyrant are you talking about?
And who is expected to show up for this revolution you mentioned?
Friends, Americans: Countrymen.
I have an idea I’m certain it will work!
here’s the link on MM site
Here it is, edited to make the 2 part comment into one, and updated:
On October 4th, 2008 at 9:46 am, mike.musculus said:
I see people here who seem to be saying that since there were “D”s who voted to kill this, ‘all is forgiven, they’ve seen the light’.
NOTHING is more removed from the truth. I haven’t had time to analyze it yet, but I strongly suspect these Dems are in troublesome districts and up for reelection!
While party must no longer keep them safe, remember that Dem’s grip on individual members is much tighter than the Redubs’ — at this point.
THAT IS THE FRUIT OF McCain/Feingold! Its WHOLE purpose was two-fold:
(1)prevent The People from mounting opposition the last part part of the election cycle, just prior to an election, when it is most effective. Why would
anyoneany honest broker, who’s stated purpose was to “fix” the campaign laws, want to shut-up grassroots pointing out bad votes or bad behavior of an incumbent or challenger just prior to an election? If the purpose was to stop the “ambush-ads”, then a 72hour limit would have worked fine. That is, unless what you REALLY want is to FIX the campaign laws! No, you shut-up the grassroots to en-muscle the incumbent. That was main purpose #1(2) The 2nd main purpose was to tie Reps & Senators more closely to the party; make them as dependent on the party for election funds as a well-fare recipient is enslaved to the well-fare handout.
McTraitorToTheConstitution knew, that GWB loves the “new tone”-ers, and so would work even harder to show these wayward ones (like Chaffee) even more “love & forgiveness”. This would allow McCarbonTax to skate on his backstabbin’ ways. McCain (and others) used the forms of the Constitution to destroy its spirit!
And McZero was proved right: GWB, head of the Republican Party (or his minion, it makes no difference from a practical POV…), at the last minute pulled TV advert funds from Sen. Santorum (PA) — who had been a good soldier except on GWB’s amnesty — and sent it to Chaffee’s reelection bid for last minute spots… 4 days before election. I remember Dad telling me some of his friends in broadcasting were bent-up because the spots had been sold for months, and now these prime spots were begging. I remember hearing the news item about “shifting the funds” on the radio. I also remember him telling me prior to the election that on his diner-hopping around PA, what he was over-hearing was people angry at Santorum for pushing GWB’s & The Demo’s choice: Spector. Dad speculated that unless Santorum put some good ads out to explain his choice, he was toast. What happened? He had no chance at the last minute, (when most are listening) to explain himself; his funds were pulled. Think of this: for the 1st time, a Republican President meddled in the primaries of his party! And he meddled on behalf of those who most often voted against his policies!
I took a long time in my life to come to understand Washington’s Warning.
His Farewell Address (1796), is here
Our elected officals have used the forms of the Constitution to destroy its Spirit!
Of “Forms vs Spirit”:
There is the answer to “Chicken Little”! Instead, they were of the opinion the sky was falling, so they vested the powers of (atleast) 2 branches into one — and it is an unelected one!
Wow, the guy who refused the title: “George I”, a kingship, really knew what he was talking, huh? Over 200yrs, and its just happening now! And he saw the danger!
This is the part relevant to parties:
Of Political Parties:
Prophetics, isn’t it?
What I’m saying is: look at the man’s entire record. If he’s a Dem, look twice. Make friends with a staffmember. If that man’s a Dem., let him know if he does what’s right you’ll go to the wall for him – to make up for his party’s shortsightedness. (…it is important he know why you’re sticking with him…)
And we must start NOW: start a 3rd party. A 4th party. Whatever it takes! I never want my choices constrained in this fashion again. I’m certain I’m not alone in this. Get them elected, starting at school boards, workup to Governors, then Congress.
We may have to LOTE this election, because after this, at ANY COST we must deny the Dems/MSM the win. If we reward their bad behavior, they will never stop. The downside of this, voting for RINOs is balanced by “the Daily Letter”.
Look at it this way: if we start now, sending 1 letter/day telling these people we’re going to work to have them elected to act truly in accord with the Documents of Inception, then we’ll watch every single vote, and if they don’t vote in accord with the Founding Fathers, we’ll endure their challenger for 1-cycle just to wake the others up!
Tell them: we’re voting LOTE, but this is the last time. If they vote unconstitutionally on anything, regardless of how many “urgent fires” are around them, regardless of size of the item – he11, even to get penny-candy in the Whitehouse Visitor’s Center – they’re out!
AND THEN WE RUTHLESSLY FOLLOW THROUGH!
The Dems won’t, (for the most part), change their habits. Most Repurbs won’t, either. At 1st. But after a cycle, maybe 2, they will.
After the initial letter, The Everyday Letter doesn’t have to be long, it could just be a postcard. Something along the lines: “Reelection comes eventually. Do you like your job?”. As long as it isn’t a form letter-looking deal.
Anyway, after a sleepless night, (Friday) sitting here at Dad’s bedside thinking and talking to him, that’s what I thought of.
I’m filling out the paperwork to resign my Commission. I’ll turn them in Monday. It can take upto 6 months.
I’ll have my idea fleshed out on Dad’s blog by Friday next, I’ve been given 2 weeks downtime. I’ll also bring Dad’s status upto date. I know, promises, etc. My job has had me ex-CONUS a lot these last few weeks. That (almost certainly) won’t happen for the next 2 weeks.
PLEASE, people: feedback on my above proposal? I am certain it will work, I don’t have all the answers. I’m also certain we can improve this and make it work!
I submitted my paperwork Monday. I am offically resigning my Commission. In order to expedite the matter, I’m forgoing my pension. I’ve already turned down pinning on the next rank.
I do truly believe: “And for the support of this declaration, with a firm reliance on the protection of Divine Providence, we mutually pledge to each other our lives, our fortunes and our sacred honor.”
I would add to that: “…, and the Constitution of these United States of America,” I pledge mine.
If you truly love The United States of America, if you love Liberty, you will pledge yours.
Note to Michelle: If people here, or on Dad’s site, add to this, improve it, would you please post it as from the whole blog? There should be no thought of credit or fear of ridicule with any suggestion. That is one reason I chose your site as its 1st posting: I don’t want people to think I’ll take ownership of their contributions, or that I’ll excoriate them for any odd suggestions. It would be hard to do that on a blog I had control over.
Why is it that whenever Sarah makes headway with conservatives, McCain takes a sharp left? He starts the debate out by announcing another gov’t giveaway program and spends the rest of the time complaining about wasteful government spending. Every time he “reaches across the aisle” it costs us money.
After last night, I think we could get a more conservative ticket with Palin/Biden. Or possibly Kennedy/Clinton. /sarc
Anyone out there want to tackle this one?
http://www.newsweek.com/id/162789
(No, I’m not in agreement with this article….I just know there are sharper minds on this board who’d do a better job of translating it.)
I’m done. I’m voting Constitution Party, I dont care if Obama wins. Maybe a little socialism and marxism will put this country right.
I once met a rich businessman from Indonesia who says he has all his businesses here in the US because in the US a contract is a contract. No bribes, no revolutions. Wonder what he’s thinking now. Who will be the Commissar of Mortgages?
America is over. Very sad that a supposed fiscal conservative cast the fatal blow.
.
.
There will be no revolution of conservatives.
The state of our country reminds me of a few lines from “MacBeth“…
-”Macbeth”
Hmmm, why should I vote for one socialist over the other? Why not send a message to the Republicans that if they want the “conservative” vote, then they should actually be “conservative”, socially, fiscally, and Constitutionally?
It’s over, folks.
Say goodbye to the US Supreme Court for another generation.
Liberalism is choking this country to death; and the electorate just keeps asking for more.
It’s not Osama that will do us in, or even Obama.
It’s us.