This is strange - McCain supporting this ?

[The Buddha]

This was lifted from housingpanic.com. Ex Ron Paul supporting blog, now an Obama leaning blog.
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John McCain now wants to spend $300 billion of taxpayer money to buy up mortgages from failed housing gamblers at their fraudulently inflated prices.
And then the Republicans became Democrats and the Democrats became Republicans.

And if EITHER candidate or party calls for the taxpayer to pick up the tab for failed housing gamblers' and fraudsters' mistakes and behavior, then a rebellion unlike anything we've seen since the 1960's should commence.

If one penny of your money - people who made rational financial decisions and didn't gamble on obviously overpriced houses, people who didn't commit mortgage fraud, people who lived within their means - IF ONE PENNY OF TAXPAYER MONEY IS GIVEN TO FRAUDSTERS, GAMBLERS AND FAILED FLIPPERS, THEN REVOLUTION THEY WILL HAVE.

If they did anything like this, what would be next? Cover your stock losses? Cover that bad bet you made on the Cubs? Cover your bar tab?

I can't believe this would even be considered, let alone proposed by a major party candidate. A nation of laws and contracts and free markets, which just changes the rules in the night, voids the contracts, doesn't prosecute the fraudsters, and rewards gamblers and failed flippers while penalizing responsible citizens. That's not America folks. Not the America I remember.

But here they are, led by the desperate and soul-less McCain, who you remember said in March:

* "It is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers."

But now the monkeys are getting dangerously close to direct election-year housing gambler payoffs. The NAR, NAHB and NAMB are powerful. So are China, Saudi Arabia, Toll Brothers, KB Home, Wells Fargo, Bank of America, JP Morgan and Citigroup. They all want a floor under housing prices. Even if that means having the government overpay for the houses to bail out the gamblers.

This will not stand. Period. And in this case you shouldn't care about Obama or McCain or Democrats or Republicans. This goes well beyond politics. This will not stand.

McCain Homeownership Resurgence Plan - "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"

Obama rejects McCain's mortgage buyup plan - Democrat Barack Obama's campaign criticized John McCain's mortgage bailout plan Wednesday, saying it would cause the government to lose money by paying too much for bad loans.

McCain mortgage plan shifts costs to taxpayers - Under McCain's newly announced plan, the government would take the hit for writing down mortgage balances for at-risk borrowers.

McCain Adviser Offers Details on Mortgage Plan

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I dont actually know why McCain is doing this. Is it because he owns 8 houses ? In a way his beer business will get a boost if depression occours. I think what he'd lose in the houses he'd more than make up in the beer business. Of course he also can hold on to and use all the houses and does not have to "mark them to market".

If he thinks the failed flippers are going to vote for him in large numbers, he's wrong. Atleast for the numbers, there is no more than a few 1000, under 50,000. The failed flippers even if they vote for him are in 3-4 states much of which is non battle ground. NV is the only state that may go his way, and FL will go away. FL speculative buying is totally outweighed by the Retirees who will be mad at the money being wasted.

Anyway, the real issues are energy, foreign policy, illegal immigration and economy, the fluff is abortion, ghey and religion. This is a surprise, doesn;t the bible say "neither borrower nor lender be". How can the religious conservatives not be fiscally responsible.

Cool.
Buddha.

[TonyKZ1]

Sounds like we need to replace the whole lot of them up there in Washington, D.C. for them to even consider something like this.
Tony

[trumpetguy]

McCain is desperately trying to salvage a failing campaign.  Nothing more, nothing less. It does speak to his claimed "maverick" status that he would stoop to socialism in order to win as a "conservative."  Some maverick.

[The Buddha]

To save his campaign, the smart thing to do was to say ... "You F*(kers, you gambled and you lost, the rest of your honest neighbors are paying the price for your gambling, and so is the whole US economy. You have robbed retirees, hard working americans, saving and tax paying public and people who lived within their means. We are going to let the FBI look into each of your mortgage application and you will be brought to court with charges based on what you have submitted as documents for these loans. If you are found guilty, to the extent that you are, and to the size of your crime, you will be prosecuted. This is america, and we have laws and we follow them".

How about that, heck I can be his speech writer.

He will lose 50,000 votes some of which will already be non McCain voters probably ... and gain the respect of 350,000,000 people.
Cool.
Buddha.

[TonyKZ1]

Wow, sounds like a plan to me. Maybe send him an email,  like he'd even read it.

[The Buddha]

This is the bad thing about democracy ... you have to pander to the idiots ... In fact a large section of population should not have a valid vote and they shoudn't know it. Only 20% valid ballots. That way no one knows what the actual percentage of the valid electorate is going to vote for them and where.
Like CA has 55 electoral college votes, but if they only have 20% valid ballots there, and majority of them are responsible tax payers ... they will get outraged by this and vote for a financially responsible policy ... problem is. No one will know. Only voting machines will. It will throw another wrinkle into the whole "the country has 10 million hispancs and I need those votes, so I'll offer them citizenship".
I dunno how to explain it, but it will prevent states from being written off as irrelevant or battle ground, as well as prevent candidates from performing demographis analysis and targetting the population. One area may be heavily democratic, but this year just by conicidence much of the valid ballots are in the hands of republicans in that area. Close races can tip heavily one way or another. You have 60-70% and up then it more than likely will not switch ... but the close races will go either way ... OK that is bad too .. may be just blind luck ... combined with wide margin areas. OK I dunno ...
Cool.
Buddha.

[yamahonkawazuki]

McCain is desperately trying to salvage a failing campaign.  Nothing more, nothing less. It does speak to his claimed "maverick" status that he would stoop to socialism in order to win as a "conservative."  Some maverick.

lol socialism seems to be obamas leanings, at least how i read his ideologies. and TBH i hardly see this close if a race as failing. regardless, this will be a VERY close election. and with teh ACORN  being accused of voter fraud, and obamas ties to it. it may have some paly in his ratings as well. time will tell. LW peeps will tell me its RW propaganda. RW peeps will say, damn straight. f%$k idk who to look at/believe anymore

[The Buddha]

Oh yea, Obama is a socialist. No question, only difference is ... he's a socialist all the time.

McCain and the republicans are capitalists when the going is good, and socialists when things get tough.
Privatise the profits, socialise the losses.

Bush evidently was going to veto the bail out if it had salary caps for CEO's in it.
I'm betting he has himself a cushy CEO job when he gets out of college ... I mean white house.

Cool.
Buddha.

[trumpetguy]

Privatize profits, socialize risks -- it's the K street way!

[The Buddha]

Obama said this ... again lifted from housing panic.

And then someone on Barack Obama's staff found HousingPANIC

"It means doing what I proposed more than two years ago and cracking down on predatory lenders by treating mortgage fraud like the crime that it is."

- Barack Obama, October 9, 2008

Finally some one stops pandering and appealing to the lowest of the scum ...

Will he do it or will he be bought remains to be seen. I think in order to get a sliver of credibility, someone needs to extend an olive branch to Ron Paul. I think Obama is closer than Mc-Palin. Hope it continues.

I dont care if he is a socialist, I want to see Angelo mozilo, Michael Perry, John Thane, ken thompson, Herb whatever (golden west bank) and many many more in freaking jail ... and no white collar jail either, Pelican bay, Lompoc, wherever the regular theives get tossed in. Whoever gets closer to that gets my vote.
Cool.
Buddha.

[AyeKay]

Lol...

Everyone laughed at Ron Paul during the Republican Primary debates when he warned us.

You think everyone up top has no idea whats wrong with the financial sector?

They know exactly whats going on, they manipulate and control, divide and conquer.

All the worlds a stage....

[The Buddha]

Yea ... make money on the way up fueling the bubble, make money on the way down lobbying for government assistance.
The politicians prolly own lots of stock in construction and financials on the way up, sell at the top, have it crash and move $$ to oil and commodities as the financial and construction tanks, let it hit rock bottom, sell commoditoes, buy financial and construction back, pass the bail out, kill the economy and cause commodities to crash, then hand infrastructure projects to the construction companies they own and watch those soar again. Simple way to move the $$ from us to them with a lot of wasteage. Would ahve been cheaper for us to have just handed the $ to them without all the middle men.
BTW the bail out, we could ahve each installed s solar panel on our house or built a windmill on our property and gone off the electric grid ... 3 grand per person so far. With 3 people in my house, I'd say I'd fill the roof with solar and had $$ left over to boot.
Cool.
Buddha.