Last night in the debate, John McCain uttered these startling words that might have cost him the election, that is if he ever had a chance....WASHINGTON (AP) - Republican presidential candidate John McCain is proposing a $300 billion program for the federal government to buy up bad home mortgages and allow homeowners to keep their houses.
McCain said: "Until we stabilize home values in America, we're never going to start turning around and creating jobs and fixing our economy and we've got to get some trust and confidence back to America."
In an unusual step, McCain announced the plan during Tuesday's debate. He said that as president he would direct the federal government to purchase mortgages directly from homeowners and mortgage providers. The loans would be replaced with fixed-rate mortgages, ostensibly at a loss to the government.
So let me understand this, any dumb American who foolishly bought a home he couldn't afford, gets his mortgage refinanced and his home devalued to an amount for which he can afford to pay? What about the home values in the neighborhood? If some idiot buys a house for $300K and the government decides that he can only afford a $100K home, does he get to keep that home and only pay $100K for it? That completely undermines the whole system of home valuation. Those of us who are continuing to pay our full mortgage lose big time because our homes are now worth less.
Seriously, by promising to further nationalize the mortgage industry, I think McCain may have just thrown the election. By desperately attempting to out-populist Obama on this issue, he makes the election now about who can deliver the biggest give-aways to undeserving degenerates who got into mortgage trouble through their own ignorance and gullibility. If this is really what McCain intends to do, he may have lost my vote. Maybe I'll just write in Hank Rearden in protest on my ballot.
4 comments:
We are walking down a very slippery slope with this bailout bill... Now even dumb Americans, not just dumb businessmen, will get compensation for retarded decisions. I will second the vote for Hank Rearden.
Vote for McCain - A Democrat is better than a socialist.
(I'm not voting for him either)
I wonder where McCain would be in the polls if he was against the bailout- as a conservative should have been?
Tracie, the world markets are in free fall despite Bush's insistence that there would be immediate stability as soon as we pass the MOAB. McCain would be sitting pretty as the lone rational conservative in a sea of panicky chicken littles had he remained opposed. If anybody who voted for this Mother of All Handouts can tell me how it helped anything, anything at all, I'd like to hear it.
Dennis Kucinich, who voted against the MOAB twice, is looking pretty good right about now....in a scary, absurd kind of way.
My man Ron Paul has the media paying attention to him now as well. Suddenly, he makes sense.
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