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Comments

1. #1
   On October 13th, 2008 at 4:43 pm, BlameAmericaLast said:

   This was the same thing Hillary proposed a while back that Obama claimed would be disastrous.

   Interesting, no?

2. #2
   On October 13th, 2008 at 4:46 pm, Cadman said:

   Does that mean those of us making payments, will go towards principle only?

   Nevermind, good guys always get screwed.

3. #3
   On October 13th, 2008 at 4:47 pm, WarEagle82 said:

   Yeah, I like the “rent moratorium” idea. I was stupidly saving for a down payment like an idiot!

   I actually assumed a contract between two private parties was binding on either of them. Now I know better. I’ll go get me one of them liar loans and let you pay for my house if I can’t.

4. #4
   On October 13th, 2008 at 4:47 pm, John Ansell said:

   Failure, a term heading to extinction.

5. #5
   On October 13th, 2008 at 4:47 pm, Jbgood said:

   All their, both candidates for POTUS, are nothing more than pandering. Everything is becoming more and more socialist in nature. That seems the be the wave of the future with either of these bozos.

6. #6
   On October 13th, 2008 at 4:48 pm, WarEagle82 said:

   Seriously, can you name one Obama proposal that ISN’T disasterous?

7. #7
   On October 13th, 2008 at 4:48 pm, letget said:

   Well, I guess bho had to say something to get all the crooks in dc off the hook for three months behind on their home payments. I know that was tacky.
   L

8. #8
   On October 13th, 2008 at 4:50 pm, William Amos said:

   Barak Obama fighting for the little Dems everywhere

   One Leader one party one solution.

   Makes a nifty slogan.

9. #9
   On October 13th, 2008 at 4:51 pm, Michelle Malkin said:

   This was the same thing Hillary proposed a while back that Obama claimed would be disastrous.

   Interesting, no?

   Yup, I added his quote:

   In San Antonio on Tuesday, Obama said that Clinton’s foreclosure freeze was potentially “disastrous,” rewarding “people who made this problem worse” by benefiting banks that profit from high mortgage rates.

   A “blanket freeze,” Obama added, might “drive rates through the roof for those trying to buy or refinance. Experts say the value of homes will fall even more, and even more families could face foreclosure.”

10. #10
    On October 13th, 2008 at 4:51 pm, englishqueen01 said:

    Back in 2006, my parents lost their house because my dad was unemployed. Same thing with my uncle. We’ll never be able to buy a house in the city of Milwaukee proper, because the tax rates are so high

    Dude, where’s *their* bailout? Where’s *our* bailout?

11. #11
    On October 13th, 2008 at 4:52 pm, nyc123me said:

    Great, so they get free rent for another three months before they default. Great plan, and that’s not all:

    Obama also proposes a two year tax holiday on withdrawals from 401K plans. This will encourage millions of people to withdraw money from their retirement plans. These massive withdrawals from retirement plans translates directly to a massive sale of stock, and send the markets crashing worse than anything we’ve seen recently, and sent the US plunging into the crevasse that we’ve been trying so hard to avoid in recent weeks / months.

    And what happens down the line when these idiots decide to retire? Oops, not enough money in the 401K, I guess ONCE AGAIN, responsible citizens will have to pay the price.

    This ‘plan’ is a complete and utter disaster in the making.

12. #12
    On October 13th, 2008 at 4:54 pm, WarEagle82 said:

    I think the slogan is:

    “Ein Volk, ein Reich, ein Führer!”

    
    

    One Leader one party one solution.

13. #13
    On October 13th, 2008 at 4:55 pm, Misscheryl said:

    OOhhh I can’t wait to vote against this creep!

14. #14
    On October 13th, 2008 at 4:55 pm, TXGator said:

    I guess “Adopt a Deadbeat” sounded a little harsh?
    The moratorium on holding irresponsible people responsible for their actions could last longer than 90 days, say about 4-8 years.

15. #15
    On October 13th, 2008 at 4:57 pm, AlohaGuy said:

    Why not two years or three or five?

    Why not forever. Responsible people can buy homes for irresponsible people along with their S-Chip.

    You forgot to mention Michelle, that Obama wants you to be able to borrow from your retirement account with no penalty, so eventually we can all bail out the people who spend their reitrement accounts of bad mortgages…

    There is no end to it.

16. #16
    On October 13th, 2008 at 4:57 pm, AlohaGuy said:

    of = on

17. #17
    On October 13th, 2008 at 4:59 pm, William Amos said:

    Yeah I know thequote Wareagle but didnt want to suggest Obama said anything like that.

    But you do get the vibe from the Obama camp when they talk about “The One”

    The democratic party has always been a cult of personality organization anyways. Just look at all their leaders and how they are portraited.

    Is why I dont get conservative anger at Michelle Malkin for being critical of McCain. We conservatives dont back a cult like worship for our leaders (Including Ronald Reagan, We were critical of him at times. But even when he let us down we never felt he actually did things to betray the conservative movement)

18. #18
    On October 13th, 2008 at 4:59 pm, Goldwater Knight said:

    Marx not dead.

19. #19
    On October 13th, 2008 at 4:59 pm, AlohaGuy said:

    nyc #11, you and I saw the same thing. (Mine had typos due to a fury while typing… )

20. #20
    On October 13th, 2008 at 5:00 pm, sonofdy said:

    Why should I pay my mortgage again?

21. #21
    On October 13th, 2008 at 5:00 pm, Misscheryl said:

    off subject but there is a picture on Drudge Report of Obama kissing a blond. He’s got a thing for blonds I think. First he’s laying one on Biden’s wife every time they are on stage together and now this gal. Oh, he’ll be caught with his hands in the cookie jar – he’s that kinda guy.

22. #22
    On October 13th, 2008 at 5:00 pm, AlohaGuy said:

    This ‘plan’ is a complete and utter disaster in the making.

    Not for all the dead people voting for Obama.

23. #23
    On October 13th, 2008 at 5:04 pm, AlohaGuy said:

    off subject but there is a picture on Drudge Report of Obama kissing a blond. He’s got a thing for blonds I think. …he’ll be caught with his hands in the cookie jar – he’s that kinda guy.

    Libs won’t care. Cash in the freezer, brothel in the basement, boinking the interns – no problem, just don’t wear white after labor day.

24. #24
    On October 13th, 2008 at 5:05 pm, tarpon said:

    LOL, it’s not foreclosures which is causing the problem, it’s all the bad mortgages that have been forced into the system by ACORN and others which are now worthless. If you can’t pay, you can’t pay.

    Democrats cause the problem, Democrats propose more socialism to fix the problem. Most call it REPARATIONS.

25. #25
    On October 13th, 2008 at 5:07 pm, d1carter said:

    Their is no such thing as a mortgage payment in a Socialist society.

26. #26
    On October 13th, 2008 at 5:10 pm, Misscheryl said:

    D1carter – not a problem, no one owns homes either.

27. #27
    On October 13th, 2008 at 5:12 pm, vickisoup said:

    And then there’s my sister, who knowingly refinanced her home’s equity into a subprime mortgage at 100% of her appraised home value, promptly maxed all of her credit cards…again….and is facing the end of her 3-year “honeymoon period” and will have to refinance.
    Except that her credit score is low now that she’s maxed out her cards, she’s upside down on her loan-to-value by about 75%, and what….she’ll get tax money to bail HER out?
    I love her, but why should she, and people just like her, get bailed out??!!
    

28. #28
    On October 13th, 2008 at 5:12 pm, beenthere said:

    A “blanket freeze,” Obama added, might “drive rates through the roof for those trying to buy or refinance. Experts say the value of homes will fall even more, and even more families could face foreclosure.”

    That is correct and shows a good understanding of economics or at least the law of unintended consequences. So why is Obama abandoning his sensible position? Political expediency. He will abandon and/or betray anything or anyone for political expediency, which in some contexts is kind of hopeful.

    Someone is likely to object: “So how does he differ from any Republican, like Bush?” Well, even if there is no difference in kind, I do believe there is a difference in degree. But it is just as easy to argue there is in fact a difference in kind as well.

    Guess we’ll find out once he’s president.

29. #29
    On October 13th, 2008 at 5:12 pm, Flyoverman said:

    On October 13th, 2008 at 5:07 pm, d1carter said:
    Their is no such thing as a mortgage payment in a Socialist society.

    Of course there is. You get to make your deadbeat neighbor’s mortgage payment for him since that is “fair.”

    Got to spread that wealth around!

30. #30
    On October 13th, 2008 at 5:14 pm, TXGator said:

    sonofdy,
    Good people pay their mortgages because they feel a sense of responsibility. Libs don’t think they should have to pay what they agreed to pay because they feel a sense of entitlement. If they look hard enough, they can find an excuse. You are probably the type of person who would pay the mortgage even if it meant you had to eat ramen noodles all year. It’s your nature as a mature human being.
    If you would stop thinking about unpleasant facts and simply dwell on pure emotion, it would be much easier to understand the dems.

31. #31
    On October 13th, 2008 at 5:16 pm, 30 pcs of silver said:

    Kiss private property rights good-bye. Au revoir.

32. #32
    On October 13th, 2008 at 5:18 pm, Cosmo said:

    Wait a minute–Obama proposes tax breaks for big business? Wasn’t he against that before he was for it, too?

    FRESH FISH! FRESH FISH! FLOP!

33. #33
    On October 13th, 2008 at 5:19 pm, vickisoup said:

    On October 13th, 2008 at 5:00 pm, Misscheryl said:
    off subject but there is a picture on Drudge Report of Obama kissing a blond. He’s got a thing for blonds I think. …he’ll be caught with his hands in the cookie jar – he’s that kinda guy.

    His hand’s pretty close to that woman’s “cookie jar” in the pic, don’t you think?
    

34. #34
    On October 13th, 2008 at 5:22 pm, englishqueen01 said:

    You forgot to mention Michelle, that Obama wants you to be able to borrow from your retirement account with no penalty, so eventually we can all bail out the people who spend their reitrement accounts of bad mortgages…

    Yep. Have a 401(k)? Make regular contributions to it? The “redistribute it!” crowd will be after you next.

    Punish the responsible people. Reward the idiots.

    Such seems to be the American way of life, these days.

35. #35
    On October 13th, 2008 at 5:24 pm, Misscheryl said:

    VS – we know a sleeze when we see one don’t we! He’s just creepy!

36. #36
    On October 13th, 2008 at 5:24 pm, 30 pcs of silver said:

    On October 13th, 2008 at 5:19 pm, vickisoup said:

    On October 13th, 2008 at 5:00 pm, Misscheryl said:
    off subject but there is a picture on Drudge Report of Obama kissing a blond. He’s got a thing for blonds I think. …he’ll be caught with his hands in the cookie jar – he’s that kinda guy.

    His hand’s pretty close to that woman’s “cookie jar” in the pic, don’t you think?

    I didn’t notice that the first time I looked at it. Goodness. Get a room.

37. #37
    On October 13th, 2008 at 5:25 pm, Misscheryl said:

    30 – heck, who needs rights when you don’t own anything.

38. #38
    On October 13th, 2008 at 5:25 pm, ArizonaNeanderthal said:

    We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.

    —
    ALCOHOL, TOBACCO AND FIREARMS
    Should be a convenience store
    NOT a Government Agency

39. #39
    On October 13th, 2008 at 5:26 pm, feebiebabe said:

    Pander twin powers, activate:

    (That sends me into a giggle fit every time. )

    Why are we so uptight here, guys. Let these poor people keep their homes they never could afford, and screw everyone else that was being responsible by not participating in the crap-shoot-loan scam, and continue to keep the responsible parties from being able to buy homes NOW. Sounds fair to me!

    In fact, while we are at it, those WITH homes NOT in foreclosure (e.g. fixed rate responsible homebuyers with reasonable down payments) seem to be getting off WAY too easy (we CANT have this). So, we’ll readjust the principle on those crap-shoot loan homes in foreclosure, dropping the financially responsible homeowners property values down even further. They should just take a hit for the team and be happy about it. Ya know, we really are in this all together.

    I mean, if these crap shoot loan people get foreclosed on, they wouldnt even be living in cardboard boxes. They would be living in rentals (like the first group of folks who were priced out of the market and didnt take the crap shoot loans) paying less then their mortgage payments and SAVING some money. THAT IS SO FREAKING UNFAIR.

    There, I feel much better – I just don’t see what all the fuss is about….

    Sarc/off

    Yup, were screwed.

40. #40
    On October 13th, 2008 at 5:28 pm, txvet2 said:

    I’ve got an idea. Why not let people take money out of their 401k’s and IRA’s tax free, and penalty free? What an idea! I could clear mine out, bank the money, and no taxes on the cap gains! I like it! What – rules? Rules be damned. I don’t want to pay taxes on it, so that’s reason enough to throw out the rules. Next, of course, I’ll stop paying my mortgage and get my hand out for my handout. This retirement thing could work out pretty well, as long as I can manage to keep my income under 250 K.

41. #41
    On October 13th, 2008 at 5:28 pm, 30 pcs of silver said:

    Misscheryl,

    I’m still in the denial phase. Acceptance is sure to follow. Don’t give up on me yet.

42. #42
    On October 13th, 2008 at 5:29 pm, graysonret said:

    Anyone for moving to Albania? If Obama wins, it may be the place to go:

    http://pcwatch.blogspot.com/

    “Should the Marxist Messiah win 25 days from now, 26 days from now money is going to start pouring out of the US in search of safe offshore havens. One of those havens will be here in Albania. For Albania – Albania! – will be more pro-freedom, more pro-capitalist, and more pro-America than Obama’s America.”

43. #43
    On October 13th, 2008 at 5:30 pm, nbarry said:

    William Amos,

    Under the kaiser, the slogan was, “Ein Reich, Ein Volk, Ein Gott.” It was even on their postage stamps.

44. #44
    On October 13th, 2008 at 5:33 pm, TexasEngineer said:

    So should I not have made my mortgage payment today?

45. #45
    On October 13th, 2008 at 5:34 pm, Misscheryl said:

    30 – after we get our lobotomies, it won’t even matter.

46. #46
    On October 13th, 2008 at 5:34 pm, feebiebabe said:

    Michelle (or anyone else)- any idea if this plan El Dumpo is suggesting distinguishes the difference between primary residence home buyers as oppose to speculative buyers?

    Do we have to also give our money to some greedy a$$hat with several rental properties?

    Ugh

47. #47
    On October 13th, 2008 at 5:34 pm, Lee Hazel said:

    Am I all alone or is there at least one other soul who finds it at least a “little suspicious” that this financial “disaster” reared its head only a few weeks before a presidential election.

    This in addition to a host of freaky “socialist” leaning events over the past two years. I’m referring to a “quickening” of events. I think all of us know this has been coming for a long time. Much of the groundwork was laid by FDR and added to by Johnson, Carter and Clinton.

    PC is Thought Control
    LEE

48. #48
    On October 13th, 2008 at 5:35 pm, Romeo13 said:

    Pander twin powers, activate:

    McCain “Form of a bucket of money… now… throw me at the problem!”

    Obama “I’m a Lawyer… so… form of a Legal Injunction destroying Property Rights and Contract Law!”

49. #49
    On October 13th, 2008 at 5:36 pm, rooster said:

    What about the 5 million mortgages in default to illegals, do they qualify for my/our tax money$$?

    Will this be brought up in the last debate fake pander-fest for prez competition on wednesday?

50. #50
    On October 13th, 2008 at 5:37 pm, AlohaGuy said:

    Stop whining you people and get your home the way Obama did!!! Oh, you don’t know any criminals who want to give you a good deal, sorry, my bad.

    Ok, get it like Biden. You don’t know any Credit Card execs who want to help you build a huge home for peanuts in return for favors – well whose fault is that?

51. #51
    On October 13th, 2008 at 5:38 pm, Weary Citizen said:

    On October 13th, 2008 at 5:28 pm, txvet2 said:

    Bingo! That is exactly what I was thinking. of course there will be some catch so people who plan ahead can’t take advantage of the situation. I would w/d virtually all of my 401K (any taxable retirement account)immediately if it was tax free and bank it. Heck, that would save me my marginal tax rate later. BTW, you will be taxed at your ordinary income tax rate when you w/d from you 410K/IRA. Not at the cap gains rate even if you invested in stock the entire time. However, with the socialist track our country is on, I doubt cap gains tax rate will be any different thean ordinary income anyway in a few years (just both will be much much higher).

52. #52
    On October 13th, 2008 at 5:38 pm, feebiebabe said:

    Am I all alone or is there at least one other soul who finds it at least a “little suspicious” that this financial “disaster” reared its head only a few weeks before a presidential election.

    It’s really not proving to help either party very much, so I would have to say it’s pretty unlikely. However, NOTHING seems to surprise me anymore after this year of political lunacy.

53. #53
    On October 13th, 2008 at 5:38 pm, et said:

    Sorry Barak, but no matter how hard you try my vote is not for sale.

54. #54
    On October 13th, 2008 at 5:39 pm, AlohaGuy said:

    Michelle (or anyone else)- any idea if this plan El Dumpo is suggesting distinguishes the difference between primary residence home buyers as oppose to speculative buyers?

    Yes, speculative buyers take preference.
    /sarc

55. #55
    On October 13th, 2008 at 5:39 pm, brooklyn red said:

    rooster re:
    What about the 5 million mortgages in default to illegals, do they qualify for my/our tax money$$?

    Do you even have to ask?

56. #56
    On October 13th, 2008 at 5:40 pm, feebiebabe said:

    Brooklyn – if they didnt need proof of identity to sign up for said crap-shoot loan…you probably have your answer.

57. #57
    On October 13th, 2008 at 5:41 pm, feebiebabe said:

    OR proof of citizenship, employment, etc.

58. #58
    On October 13th, 2008 at 5:41 pm, feebiebabe said:

    OR proof of citizenship, employment, etc.

59. #59
    On October 13th, 2008 at 5:42 pm, brooklyn red said:

    A better question is does the bailout come with a green card?

60. #60
    On October 13th, 2008 at 5:47 pm, jamesgreenidge said:

    TIME TO SLING THE “S” WORD!!

    We need to teach and parade to the unwashed what the implications of SOCIALISM means! To far too many people it’s just a title! Me need catch-slogens like “Who do you think is better using your paycheck — You or Uncle Sam??”

    Also, this crazy notion of “waiting out” an Obama term and following it up with a more Conservative one is lunacy! Dems are going to make sure they set in GRANITE mega-social programs that NO following administration will EVER be be able to get off! Can you spell F-D-R and Social Security?? Don’t hold your breath that a Repub next term can undo Obama’s tinkering in the basic tenets of this country!

    James Greenidge
    Queens NY
    A Thompson man forced to vote McCain to keep a socialist monster in his cage.

    Reasons to vote Obama:

    I want to be part of history!

    I don’t want to feel like a bigot.

    President McCain wrecked the economy!

61. #61
    On October 13th, 2008 at 6:15 pm, ErinF said:

    KIDS ONLINE PRESIDENTIAL ELECTION ALERT:
    The Nickelodeon Channel is extremely liberal, and right now they’re running their “kids pick the president” online election for kids to “have their say”. Anyone can vote. Anybody here interested in throwing this toward McCain/Palin, feel free:

    http://www.nick.com/kpp/

    (The last two presidential elections, they did this, and of course Gore and Kerry both won in landslides.)

62. #62
    On October 13th, 2008 at 6:20 pm, MtsEdge said:

    In San Antonio on Tuesday, Obama said that Clinton’s foreclosure freeze was potentially “disastrous,” rewarding “people who made this problem worse” by benefiting banks that profit from high mortgage rates.

    Sounded like he was on the right track by allowing individuals to suffer individual consequences, right? But (surprise!) now he’s “for it.”

    Just like his empty promises of “reducing taxes” and “helping small businesses,” he just needs to keep his rhetoric sounding mainstream for a couple of more weeks…

63. #63
    On October 13th, 2008 at 6:30 pm, heroyalwhyness said:

    Maybe there is more reason than rhyme behind Obama’s
    

    “against it before he was for it”

    political escapades.

    Such chaotic patterns follow the so-called “crisis strategy” or Cloward-Piven Strategy pioneered during the Sixties by Columbia University political scientists Richard Cloward and Frances Fox Piven.

    Barack Obama and the Strategy of Manufactured Crisis via American Thinker 10/11/08

    Video – Former KGB member, Yuri Bezmenov discusses educating & brainwashing the west (exactly what Obama & Ayers will do) dailymotion.com

64. #64
    On October 13th, 2008 at 7:13 pm, conservativesRus said:

    And isn’t there supposedly a credit crisis – where the banks are not loaning money? So exactly how does this policy help encourage a bank to lend more? If a bank can’t foreclose on a property that is not paying, then the bank has put up money for something that is useless to them. I wouldn’t loan money under those terms.
    For a guy who supposedly graduated from a top school, he certainly has no clue how economics works. (or he is intentionally trying to sabatoge the economy with the rest of the financially illiterate).

65. #65
    On October 13th, 2008 at 7:19 pm, feebiebabe said:

    hero –

    Yuri Bezmenov video gave me the chills.

66. #66
    On October 13th, 2008 at 7:25 pm, ArizonaNeanderthal said:

    On October 13th, 2008 at 7:13 pm, conservativesRus said:

    And isn’t there supposedly a credit crisis – where the banks are not loaning money? So exactly how does this policy help encourage a bank to lend more?

    This is classic Progressive Class Warfare-BroBama would love a chance to seize the banks. Private Property and Private Lives are not good for the Collective.
    Are you prepared? Are you ready?
    —
    ALCOHOL, TOBACCO AND FIREARMS
    Should be a convenience store
    NOT a Government Agency

67. #67
    On October 13th, 2008 at 7:51 pm, shooter said:

    Utterly ridiculous and encourages wasteful living by those who can not afford to do so.

    In ZERObama’s 4 point plan, please tell me how that will do anything for the economy.
    1)Tax credit for hiring an employee…how much is this worthless ‘tax credit’ and it won’t work anyway. Who wants to hire someone in January or February if the get a tax credit of no use for 14 more months?
    ( tax day April 15th, 2010 is the first use)
    It wont help anyone.
    2)90 day mortgage ‘wait and see’ plan is stupid and only makes 2009 worse.
    3)Take money from your retirement accounts when it’s all you have? NICE one. Just put more people on welfare and wait for Social Security checks….that wont come.

    4) Last…more money for states and cities, is that the new ACORN division ZERObama plans to nationalize?

68. #68
    On October 13th, 2008 at 8:02 pm, Bruce said:

    40 years ago, age 23 and newly married – I bought my first house. 2 bedrooms, 1 bath, 1500 sq.ft. on a small plot. I saved every dime I made for 6 months to afford the down payment. My fiancee and I did nothing, went nowhere to save. We got a 25 year fixed rate mortgage at 6.5%, and paid it faithfully every month until it was paid off. Never missed a payment, because being middle class and WHITE it would have been foreclosed on and we’d be on the street.

    Silly me – I should have stiffed the bank and demanded the government pay the mortgage for me.

    Oh wait…

69. #69
    On October 13th, 2008 at 9:50 pm, Joy said:

    John, John John… you should not use the term *failure* as it may cause harm to the self-esteem of the success impaired person.

70. #70
    On October 13th, 2008 at 10:02 pm, mattm said:

    Time to break out the flip-flops.

71. #71
    On October 13th, 2008 at 10:14 pm, RabbidSquirrel said:

    WHERE IS SARAH? !?!?!?!?!?!?

    OMG!!! You b@$t@rd$!! They’ve killed Kenny!!

72. #72
    On October 13th, 2008 at 10:28 pm, committed said:

    What are you talking about, rabbidsquirrel?

73. #73
    On October 13th, 2008 at 10:33 pm, RabbidSquirrel said:

    I dont know, I was feeling random… just thought I would toss that out there.

    Anyone feel like a pick-up game of hot potato?

    Actually Im waiting for the daughter to finish her homework so we can go to the gym and do some rock climbing…

74. #74
    On October 13th, 2008 at 10:37 pm, RabbidSquirrel said:

    ok she’s laughing at me now… gotta go. l8r

75. #75
    On October 13th, 2008 at 11:22 pm, torabora said:

    “Everyone was living beyond their means” BO….Obama bin lyin’ again.

    I haven’t…………. Grrrrrrrr.

76. #76
    On October 13th, 2008 at 11:24 pm, Jim M. said:

    A 90 day moratorium? Now THAT would be a disaster.

    That would force the banks to carry the loans with no payments for another 90 days. And worst, at the 91st day, the market would have to absorb all those loans that were suspended for 90 days plus all those loans that went into foreclosure status during that period.

    That would create an even larger pool of foreclosures dumped on the market at the same time. And instead of letting the market absorb those properties paced throughout 3 months, the market would absord a glut of homes all at once – in areas with a pent up supply of loans, such a rush would crash real estate prices.

    Bad, bad idea.

    As for the 401(k), a reasonable compromise would be to add unemployment to disability as an exclusion from the 10% penalty. Right now, if you tap your retirement funds to create some cash flow in the event of unemployment, you get whacked by a penalty in addition to including those amounts in ordinary income.

    To remove the cap entirely would lead to a rush of withdrawals – the looming higher tax rates predicted for the future would cause people to take the tax hit now at a lower rate rather than croll the dice on higher rates for future withdrawals. Again, such a move would cause a rush of redemptions, sending stock prices even lower.

    So, in one felt swoop, Obama proposes to crater the real estate market and the stock market at the same time. IF there was a plan to destroy the US economy, this would be the logical start.

77. #77
    On October 13th, 2008 at 11:26 pm, News2Use said:

    Don’t like what Obama’s plan is?
    Have you read McCain’s plan?
    .

    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).

    Looks like he leaves out the speculators and illegals for the bailout funds.

78. #78
    On October 13th, 2008 at 11:58 pm, FloatingRock said:

    Part of the reason this crisis occurred, if we’re honest with ourselves, is that everyone was living beyond their means

    I’m not.

79. #79
    On October 14th, 2008 at 12:17 am, nlebou said:

    neither am I

80. #80
    On October 14th, 2008 at 1:17 am, fulldroolcup said:

    KAKISTOCRACY — a word you should all look up, because we will be using it a lot over the next years.

    As in: Obama, Reid and Pelosi: the American Kakistocracy

81. #81
    On October 14th, 2008 at 2:12 am, ErinF said:

    Lib cestpool, the Nickelodeon Channel, is running their “Kids Pick the President” online election. Anyone can vote. I just voted about 50 times. Log on! Vote Often. See what it’s like to be an ACORN voter.

    http://www.nick.com/kpp/

    Incidentally, they’ve run this over the past ten years, and Gore and Kerry both won in landslides.

    If anyone out there doubts that Nick is an extreme lib endoctrination source to American kids, let me spell it out! Nick pushes everything from Dora the Explorer (who teaches you have to speak Spanish to get from Point A to Point B) to South of Nowhere (which is about a 15 year old girl who discovers she is a lesbian who ends up in a sexual relationship with the “bad girl” of the school).

    Since Nick is such a sewer of lib scum, I suggest all HA and MM bloggers just vote away for McCain. Not sure if it will do any good, but what the heck.

82. #82
    On October 14th, 2008 at 2:44 am, RabbidSquirrel said:

    On October 14th, 2008 at 2:12 am, ErinF said:

    Jeez Erin… up ur Ritilan dosage, ur everywhere tonight

83. #83
    On October 14th, 2008 at 6:09 am, garyganu said:

    Does anyone else think that our economic problems are due to too much borrowing and spending and not enough production and saving?

    How come all of the politicians proposals include more borrowing and spending. For example: the economic stimulus plan and Obama’s new plan on allowing withdrawals from 401K plans without penalty?

84. #84
    On October 14th, 2008 at 6:42 am, gridlock said:

    “We need to give people the breathing room they need to get back on their feet,” he said, adding that families living beyond their means share some of the responsibility.

    “Part of the reason this crisis occurred, if we’re honest with ourselves, is that everyone was living beyond their means — from Wall Street to Washington to even some on Main Street,” Obama said.

    Not everyone was living beyond their means, Obama. I know that when I shopped for a house, I figured out how much I could afford to pay on a mortgage, and worked my way back from there. Of course, I didn’t have a slumlord buddy willing to pick up have the cost through sham transactions. We should all be so lucky…

    But now I find that what was in my means before might not be anymore. By the time Obama gets done spending his Trillions and sticking it to “the rich” to pay for it, I am not going to have two dimes to rub together. So how am I going to pay that mortgage? I guess I’ll be in line for my bail-out, like everybody else!

85. #85
    On October 14th, 2008 at 7:56 am, conservativesRus said:

    On October 13th, 2008 at 5:12 pm, beenthere said:
    That is correct and shows a good understanding of economics or at least the law of unintended consequences. So why is Obama abandoning his sensible position? Political expediency. He will abandon and/or betray anything or anyone for political expediency, which in some contexts is kind of hopeful.

    I suppose abandoning/betraying things is good – as long as it’s not me said Beenthere.
    You might want to re-think that position.
    Further – Obama has a good understanding of economics???? – kinda surprises me. It seems to me Obama doesn’t have a clue about supply and demand and if you don’t understand that very foundational element, there is no hope of understanding any of the rest.
    Further Obama seems not to have a very good grasp of history either. Income redistribution has never worked.

86. #86
    On October 14th, 2008 at 8:05 am, pianoman said:

    O/T –
    
    Mickey Mouse attempted to register in FL

87. #87
    On October 14th, 2008 at 8:16 am, FamilyMan said:

    Fox news last night reported that there was as many as 30,000 felons registered to vote in Florida.
    Felons can’t vote!
    Pure madness.

88. #88
    On October 14th, 2008 at 8:27 am, Zaz said:

    I wonder which folks stand to gain from this? Does anyone really think it is for the hardworking Americans? O is just looking to buy some votes. Follow the link

89. #89
    On October 14th, 2008 at 8:33 am, Zaz said:

    Problem inserting link

    http://newsbusters.org/blogs/warner-todd-huston/2008/10/09/calling-old-media-five-million-illegals-have-illegal-mortgages-u

    I wonder how many are through the “Bank of Amigo”

90. #90
    On October 14th, 2008 at 8:41 am, RedDog said:

    Dedicated Conservatives need to give the American people (read dimwitted electorate) an history and economics lesson. Leftist Democrats want to rule, Conservatives offer to lead. Leftists want to spend your money to “help” you, Conservatives want to help you build wealth. Leftist government is at the center of ALL economic woes and their “solutions” only worsen the problem. Real Conservatives seek to release the people and their economy from the draconian grip of state control.

    Remember: under the US Constitiution, government was designed to be a simple public works entity, not the elitist $3 trillion-a-year gargantuan monster it has become. Right now we have lost our way and have no leadership, only political power-hungry opportunists driving us to a place none of us wants to go. Do you want racketeering mobs like ACORN and MoveOn manipulating your country with Marxist Democrats at the helm? As a people, if we work to revisit our Constitution and pray hard, we will find our national mission statement. Before that can happen we must have an educated, mature, contemplative electorate. Is that even possible?

91. #91
    On October 14th, 2008 at 8:48 am, uglybarnacle said:

    I went to the HUD website to take a look at the new Hope for Homeowners bailout plan. What kind of crap is this? Sure these people are getting a bailout now, but in doing so they must agree to “share any future home appreciation with the FHA”-minimum 50%.This is no bailout.It’s a confiscation of property http://www.hud.gov/hopeforhomeowners/consumerfactsheet.cfm

92. #92
    On October 14th, 2008 at 9:08 am, Misscheryl said:

    This may be an ignorant statement on my part. It certainly isn’t the first and won’t be the last but does a “poor” economy translate to people can’t afford to buy everything they want? For instance, if a person buys a $200,000 home (that’s a huge home where I live) with no down payment and can barely pay their bills and therefore cannot afford to go on vacation – does that mean we are suffering through a “tough economy?”

93. #93
    On October 14th, 2008 at 9:16 am, FireBlogger said:

    What won’t this guy say to get elected? Seems to be working well enough, the majority of polled voters are drinking it up.

    W.T.H. happened to my Country that it is suddenly filled with so many dopes?

94. #94
    On October 14th, 2008 at 9:18 am, Misscheryl said:

    Zaz said:
    I wonder which folks stand to gain from this? Does anyone really think it is for the hardworking Americans? O is just looking to buy some votes. Follow the link

    I think the answer to your question is every politican and welfare recipient. IF you don’t fit into those two catagories – you’re screwed!

95. #95
    On October 14th, 2008 at 9:23 am, sonofdy said:

    Still trying to figure out how Obama plans to cut taxes to 95% of the people when only 60% pay any taxes. This equates to an INCREASED tax rebate for 40% of the people with tax increase on only 5% of the people.

    Plus 1 trillion in new spending, above what is already being spent. All paid for by taxing 5% of the people and a slow draw down from Iraq?

96. #96
    On October 14th, 2008 at 9:24 am, dan708 said:

    I hate to say it, but I see a MASSIVE tax increase coming, regardless of who we elect president. Otherwise, we are looking at a trillion-dollar deficit for FY 2009.

97. #97
    On October 14th, 2008 at 9:43 am, TMoney said:

    OT….jubilation riots if he wins – vis a vis pro sport teams. Anger riots if he loses?

    What do you reckon?

98. #98
    On October 14th, 2008 at 10:03 am, legendx3 said:

    i never could understand how the germans would let HITLER take power i am now worried that i’m seeing it here and now

99. #99
    On October 14th, 2008 at 10:04 am, happyscrapper said:

    On October 13th, 2008 at 4:52 pm, nyc123me said:
    And what happens down the line when these idiots decide to retire? Oops, not enough money in the 401K, I guess ONCE AGAIN, responsible citizens will have to pay the price.

    I thought about that as soon as I heard Obama say out of one side of his mouth, “We encourage you to save your money and use it responsibly.” Then, almost immediately after that, he made the comment about the 401K…to allow you to withdraw up to $10,000 from your 401K without penalty. Which is it, Obama, responsible saving, or pulling money out of your retirement savings? This guy is a complete idiot. Will McCain make the case tomorrow night? He’d better!

100. #100
     On October 14th, 2008 at 10:10 am, happyscrapper said:

     On October 13th, 2008 at 5:41 pm, feebiebabe said:
     OR proof of citizenship, employment, etc.

     Well, Barack didn’t have to prove his citizenship to run for President of the U.S., so why should they need it to get a house?