Questions about McCain’s Crap Sandwich 3.0
Excellent questions from Amanda Carpenter about John McCain’s Crap Sandwich 3.0:
2. Why does your plan empower the Treasury Secretary to buy up these failed mortgages and renegotiate them? Shouldn’t that power be given to an existing housing agency, like FHA or HUD?
3. How does the program decide which mortgage holders to help? About 27% of US households have paid off their mortgages and 32% of households rent. How can you ask responsible borrowers and renters to pay for this program?
4. Many people cashed out equity and have now carry second mortgages, will second mortgages be eligible?
How about some answers?
See what others have said
Note from Michelle: This section is for comments from michellemalkin.com's community of registered readers. Please don't assume that I agree with or endorse any particular comment just because I let it stand. A reminder: Anyone who fails to comply with my terms of use may lose his or her posting privilege.
Trackbacks
- Kick the Anthill » Craptacular News of the Day
- It's freaking hopeless. | The TIW Blog
- Conservative fiscal responsibility - RIP | Conservative247
- McCain: Point of No Return?
- McCain’s Mortgage Proposal is Another Gas Tax Holiday : TeresaCentric
- Michelle Malkin Judge rules Ohio Secretary of State violated federal election law; plus ACORN victim on tape | OBAMA ACORN
Comments
You must be logged in to post a comment.
Categories: Subprime crisis
Legal Insurrection
» Bruni de la Motte for Health Care Czar
Legal Insurrection
» In The End: No Public Option, No Abortions, No Pelosi, No ReidThe Powers That Be
» Obama: ‘Don’t Jump to Conclusions’ About Ft. Hood; Immediately Jumps to ConclusionsLegal Insurrection
» NY Times Names NamesThe Powers That Be
» A Picture is Worth a Trillion Dollars and Lots of Lost FreedomRiehl World View
» Health Care Bill In A Few WordsPundit & Pundette
» Not a huge victoryJustOneMinute
» Ari Fleischer Needs To Cowboy Up
Bite me.
John McCain
McCain lost the election last night.
By proposing a hair-brained scheme to socialize asset value loss (which I certainly have) in an unclear way, he appeared desperate and erratic in policy.
I will not be voting in 2008.
1. hold nose
2. vote
3. hurl
4. repeat in 4 years
I’m waiting for C.S. version 4.0 to come out before I assert myself.
That’s better.
How about those who have been saving for a couple years to have a good amount for a down payment? You know, the way things are supposed to work.
I had planned to buy a house next spring but I wanted to make sure I had at least 25% to put down. Do you think I could get an extra 25% through this program to allow me to get a lesser monthly payment because then I could put 50% down on the property? Probably not. mccain can eat my shorts. The only reason I will vote for him is because I want to see Sarah in the game later on. I could care less for mccain, he’s a piece of s@@t in my book.
Wow. Is anyone listening to Paulson? He’s fumbling more than Obama and tripping over his own tongue trying to answer reporters’ questions.
Throw as much C on the wall as is possible. Whatever sticks becomes a political truth for a few minutes and a data base fact forever.
These are all good questions, and I’m not sure about this at all. It obviously has two purposes, the more immediate one is to fight Obama for angry and scared middle class votes. Will that work? If it does, it might be worth it in the short term. I don’t like this government getting deep into the markets like this, but dammit, we have to win this damn election! I’m torn, caught between winning and principle. That’s politics in a nutshell, no?
Amen!!!!
OT – a little. I got an email from Mel Martini-ez about the great thing he did in supporting the bail out. Here was my letter back:
I voted for Bush twice and regret it. I voted for you and I regret that you, knowing how we felt about the bail out, voted for it when Bill Nelson did not. $700 billion was not bad enough. Add $150 billion in pork and all of the sudden this (as Michelle Malkin likes to call it) crap sandwich is palatable? Just for perspective: $850 billion is $2,800 dollars for every man woman and child in the USA.
As far as I am concerned, you are fired. My wife and I will not vote for you again.
Sincerely,
That’s right, we fired him. I hope all Floridians join us.
Don’t bother The Maverick with pesky questions, just swallow it! (The crap-sandwich, that is.)
My fax to Senator McCain (decided an email was not enough)
Dear fellow disabled veteran John McCain:
(personal information was here)
I am 100% against you buying these bad mortgages, but since you seem hell bent on doing so, is there anything you can do along with this plan to help people like me?
I am a disabled veteran, I get a 30% rating, and because of my disability I am not always able to keep a job permanently so I do contracting. It is not that I get fired or anything, but after a while my disability starts to strain relations with other employees so I move on to a new job with new people. I have been wanting to a buy a home for a long time now, I even saved money up until around late 2005 which is when it became painfully obvious I was never going to catch up to the price of homes with my savings and my income. So, I finally gave up on the dream and got married with no home. I am an easy going kind of person, I do not need much to make my life worthwhile and my wife is the same. So it is heartbreaking to see that you are thinking of taking the responsibility of others and putting those responsibilities on me and my wife’s backs, as we are net tax payers.
Many people are going to be getting $50,000 or more of their mortgage forgiven under your plan. I personally see these people as one of three sorts:
1) People who desperately wanted a home and were willing to pay any price to have one and these are the least irresponsible, but they helped force home prices up so they are not without fault. They made their bed, and they should sleep in it, but you see it differently.
2) People who need to be keeping up with the Jones’ types who bought the absolute most expensive home they could afford or if they owned a home borrowed every last penny of equity they had in their home in order to buy new furniture, an SUV, a vacation or something else. While these people did not drive home prices up, they certainly knew what they were getting into when they made their decisions and they profited from this. Once again, these people made their bed, and they should sleep in it, but you see it differently.
3) People who bought on the way up hoping to make a buck on the back of some other person when prices rose at exorbitant inflationary levels, and are just unfortunately stuck with a home with decreasing value, and these are the worst of the worst in this crisis. These are predators in our society, and I do not give much bad feelings towards them, it is a capitalist society after all, but they should be allowed to fail and lose, but again, you see it differently
These are the people that you are planning to bail out. People, who were willing to buy a home at any price, or people who used their home as a status symbol or as a way to gain luxury items, or people who were predatory buyers. Your plan is to forgive them all of their bad choices. Your plan is designed to keep people in homes that they should either pay for according to their original loan principle, thus keeping the home off the market or be foreclosed on, thus making that home available to people like me. Your plan is to short circuit the market forces and this will inevitably damage the market, but it feels good to help people, just as long as you do not notice the people you are hurting in the process, people like me.
With this in mind, let’s look at people like me:
1) Responsible person who just wants a home, but was not willing to buy a home in a market that was deformed. (I had opportunity to do so, I chose not to)
2) Responsible person who is not out to get some status symbol or luxury in life I have not really earned. (I had opportunity to do so, I chose not to)
3) Responsible person who did not try to get a loan I knew I could never repay with the hope of selling my home to the next sucker to come along desperate to buy a home at any price. (I had opportunity to do so, I chose not to)
4) Responsible person who wants to buy a home, but that home needs to be both affordable as well as priced based on sound economic principles in a market place that is not artificially increasing the value of the home.
5) Responsible person who believes your plan is designed to keep house prices artificially high, thus making any purchase at this time risky in the fact that at some point in time the artificially high house value will have to drop to its natural market value, ruining any equity I built by paying my bills.
I can understand if you think that I am not one of the people who are deserving of a government hand out and am instead worthy of the government confiscating my hard earned money. When I see that my government is going to be giving hundreds of thousands of dollars to people who made bad decisions while taking money from people who made the right and responsible decisions in order to pay for that bailout, I certainly feel like I have been made a victim of my government, a government that is showing every evidence of becoming as corrupt as say the another government that decided one day to steal a man’s business from him, even though he had a government contract to run that business for 23 more years, and give it to a political ally. Even after the man won a federal government lawsuit the corruption to this very day still keeps that business in the hands of the criminal and out of the hand of the man who built that business from the ground up. Again, I can understand that you think these people are more deserving than I am, because there are other governments around the world who also do things this way. Most of them are run by dictators, but many of them are also factually functioning democracies that are in effect simple mob rule. So I can understand.
Maybe I should not feel shamed and just ask the government to give me what I want in life, like a nice home. Perhaps a modest one that even needs some repairs, because the prior owners were not responsible, they may have been very much like the people you plan to bailout. They bought a home they could not afford, and hoped that prices would go up, but when the prices did not go up they realized they were going to lose the home so stopped caring for it until they were evicted. I would be willing to fix the home, if I can get it. I am thinking however that my dream will have to wait, in order to allow people who made bad choices to keep their ill gotten dream.
I am still unable to buy a home; the prices are still much higher than they were before the housing bubble grew. The property taxes are exorbitant and still listed at their highest value, thus making the home harder to afford. So between a higher principle to start, about 35% higher than it would have been if home prices grew based on sound economic policies as they had for the 70 years before 1999, the extra interest payments on that higher principle, the higher down payment requirement because the home price is still inflated, and the property taxes that are double what they should be, I do not have the means to buy a home near where I work. The reason my means is so small is because I send much of my income to my wife’s family who live in the Philippines. Her grandfather who she was raised with is over 70 now and because of corruption over there he lost his business and at his age he is not likely to ever return to employment. This makes it hard for me to save much money each month, but we try. My grandfather in law is a victim of a corrupted government, a government that you must seem to want to emulate, because once the bailouts start flowing in this country the entitlement mentality is hard to shake, and when people are entitled to things they spend time trying to corrupt the system to their advantage instead of working, producing and earning. In fact most of our family savings was recently spent on a trip my wife took back to the Philippines just last month, I was not able to afford to take time off of work and go with her. The reason she had to go back to the Philippines is because the school refused to allow her to get her transcript unless she was there in person, as the school is trying to prevent corruption that is running rampant through that country. So I no longer have enough money for the fees associated with buying a home, let alone the down payment, although I do have access to 100% financing through the VA, VA loans have higher interest rates than conventional loans. I will try to again save enough money to eventually buy a home, but it is not always easy. Sometimes a family member gets sick and needs more money. A friend gets in trouble and needs some money to get by for a while. A disaster happens and people who are true victims need a little charity (Katrina, Ike, Floods in the Midwest, Iowa in particular as I have family there). While I feel bad for people who owe more on their house than the house is worth, these people made contracts and said they could pay the loan off, and they should either be made to fulfill that contract or be evicted so someone else can come in that is truly responsible enough to own that home.
I am a homeless disabled veteran (I rent), and I would really ask that you rethink your position on this give away to irresponsible home buyers. But if you want to bail these people out, then I think you owe it to us veterans that you can at least come up with a meager $25,000 or $50,000 in hard cash to help each and every one of us to buy a home. I am sure there are many other groups of people out there, and maybe just wealthy people who are also willing to ask for their hand out from the government
“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world’s greatest civilizations has been 200 years. These nations have progressed through this sequence: ‘From bondage to spiritual faith; From spiritual faith to great courage; From courage to liberty; From liberty to abundance; From abundance to selfishness; From selfishness to apathy; From apathy to dependence; From dependence back into bondage.’”
-Alexander Tyler
Comparing CS 2.0 and CS 3.0 is like asking which version of Windows screws up your computer the most. God save us from CrapSandwich Vista.
And I think my paycheck is becoming vaporware.
Honestly, I feel torn – I love this nation too much to stand by and let Obama destroy what’s left of it, but every time McCain opens his mouth, I find it harder to vote for him. It’s like the media picked both of our candidates. They loved McCain until he became the putative nominee, holding him up as what all Republicans should be. Sadly, McCain can’t blame the media for demonizing him afterwards – he’s done a fine job of that all by himself.
If I could get sixty million of my closest friends to write in votes vote Fred, I would, but doing that alone or voting for a third-party candidate is effectively a vote for Obama.
What’s a poor country boy like me to do?
Off topic, but maybe important:
Sarah has been a registered Republican since 1982. She never was a member of that AIP party. Barack Obama RAN FOR OFFICE under the banner of this FAR LEFT organization.
What to make of this, people?
Michelle, can you help us on this one?
Look what Obama says:
OT- Sorry, but I just ran across this video, and had to share it. I wish McCain could have this young man’s passion and expression. Please take time to view it. It is well worth your time.
http://www.youtube.com/watch?v=KxhYampIl7A
Like many of you, I feel like we are damned if we do and damned if we don’t. It wasn’t bad enough that Obama wanted to be an entitlement king, now our own candidate is going down the same path. However, McCain is the lesser of the two evils here and we must never forget it. If we don’t vote or if we vote 3rd party, we may as concede to Obama. I know you are mad. But let’s not cause us to make decisions that cut off our nose to spite our face.
Hey McCain:
Why don’t you just let the irresponsible homeowners who did everything but read their loan documents, put 20% down, and live within their means twist in the wind?
Why don’t you take a stand against these housing race hustlers who think that welfare pimps and queens deserve their own abode while living off the taxpayer?
Why do illegal speculators and homeowners get a pass? Didn’t they as good as hyperinflate the housing market that made it impossible to afford a home in places like the Northeast and California?
The answer is no. Because you have no backbone. You have no courage. You’re fighting not to lose instead of to win.
But let’s not cause us to make decisions that cut off our nose to spite our face.
Correction: But let’s not “let it” cause us to make decisions that cut off our nose to spite our face.
I just saw this on Fark. I think McCain is a little tired.
The look on Sarah’s face when he says it is priceless.
My Fellow Prisoners
I’m voting for the girl, the wife said do it or else. And you know what or else means LOL.
What we will be in Obamas re-education camps.
The needs of the few outweigh the needs of the many. Or something like that.
Looking at the video I couldn’t tell if he said it but Palin was reacting to the heckler – sorry.
Can we go straight to Crap Sandwich Vista?
I guess I picked the wrong week to be debt free.
I love the new title and second the motion.
@ AlohaGuy #26 –
GMTA. I guess we’re not PC – in either sense of the term…
There comes a point in every disaster when it is “every man for himself.” That point has now been reached. Any voting position can now be justified. I’m voting for Palin-McCain because I want Sarah to be as close to the presidency as she can be. But some may vote for Obama because they think that is what the country deserves. Others may vote third party because they can’t handle any of this, or not vote at all. These are all legitimate positions, each as valid as any of the others.
Just do what you can by your own sense of what is right and hope to survive the next four years. God bless America.
Thank you Soap, but going back and reading, I see Karnold in #14 actually had it down first, though I hadn’t seen it.
It’s the obvious end of the road for the whole Crap Sandwich Paradigm.
If I vote absentee here, I can be in Ohio on election day and vote to my heart’s content.
@ AlohaGuy and On-my-soap-box:
I’m just a modest poster, honored that we think alike. And I thought it was my Linux roots showing. (Roots! Ha, I made a joke!)
If only the crap sandwich were such a joke. I keep praying I’ll wake up and find this was just a bad dream.
I think McCain is started to lose it. From his campaign stop in Pennsylvania today:
Linux is a version of Unix. MichelleO might use it too – I hear she likes Unix. (rim shot, and yes, it’s a joke people…)
Gallup Daily Tracking Poll: Obama Up By 11
So… no need to continue on with crass, classless phrases like “Crap Sandwich” because with Obama you aren’t even going to get the bread.
Senator McCain, have you ever read the constitution and where does it say that it gives you the right to keep house prices stable?
And by the way Senator, didn’t you take an oath as a military officer to protect that constitution? So surely you read the thing?
I guess the rule to remember is…
Don’t play by the rules….don’t fufill your responsibilities…. becasue their is NO help for you.
Like my dad always said.. We are too poor to afford to do anything, but not poor enough to get everything handed to us we don’t deserve.
Failure is only allowed if YOU DO IT RIGHT, within the rules/laws… do everything wrong, and fail… you are rewarded for your hard work at achieving incompetence.
There is no such thing as failing – it’s deferred success.
*stifles uncontrollable laughter*
On October 8th, 2008 at 4:25 pm, AlohaGuy said:
Linux is a version of Unix. MichelleO might use it too – I hear she likes Unix. (rim shot, and yes, it’s a joke people…)
If we are talking Michelle O, would it not be called MYnix? Bada-bing
Actually, “my fellow prisoners” says it rather well. That is certainly how I feel and I suspect I am not alone.
Well, I just heard on the news that in Chicago, the Sherriff there served over 400 eviction notices only to find those living there were renters. Of course the lib gov’t has put a moratorium in place to stop all evictions (note: I feel bad for those renters but such is luck). My suspicion is the majority of these houses were liar loan receivers who saw a quick buck to be made playing the spread of rent to payments. Of course, these previously proven dishonest people will somehow weasel $ from the taxpayers via the “help for struggling home owners” provision. Anyone trust our gov’t to root out corruption in any program before throwing $ around? Especially for illegal aliens? The depth of our stupidity knows no bounds. The United Suckers of America!!!
Sorry, but I’m going to have to self-medicate to get through this.
It might be their plan, I do not know. But these markets will never recover if the government doesn’t stop helping. I know a lot of people have been taught that FDR saved us from the Depression. But 1929-32 was not the low point–1937 was during FDR’s second term of doing something.
Of course will all the money we make off Green Collar jobs and Cap and Trade…
You are a good man CantCureStupid.
—
ALCOHOL, TOBACCO AND FIREARMS
Should be a convenience store
NOT a Government Agency
Have the T-shirt
Know it is true
You are a good man walterc #5 too and first.
as per #46
Looking at all this unconstitutional mess and power grab, Bob Barr looks more attractive every day.
After the last amnesty fight, I knew I would never vote for John McCain. I fought his nomination every step of the way. He is wrong on too many issues and it just keeps getting worse. No amount of alcohol could get me to vote for amnesty, carbon taxes, bailouts, etc.
I will be voting for Bob Barr.
If you did not read his column today on Townhall, you should.