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McCain Calls For More Socialism
By Greg L | 8 October 2008 | National Politics | 72 Comments
I didn’t have a chance to watch the presidential debate this evening, but the talk shows are making note of John McCain’s ridiculous proposal to socialize the mortgage market. As I understand it, anyone with negative equity would have their mortgage taken over by the federal government and sold back to the homeowner at a more attractive interest rate and at a lower principal amount. What a way to reward those who made less than optimal financial decisions, to put it charitably. For homeowners who acted responsibly, you get nothing but the bill.
If someone bought a house for $400,000 which is now valued at $300,000, the taxpayers would eat the entire $100,000 equity loss. If you wanted to buy that property for more than $300,000, you’d be locked out of that opportunity because the federal government is effectively competing in the market against you and is artificially setting the price at the higher amount. No homeowner is going to eat a $75,000 loss by selling that property at $325,000 when the federal government is offering the homeowner the opportunity to retain their home and have their negative equity erased, artificially setting home values to those that existed at the height of the real estate bubble and delaying any market recovery by reinforcing pricing gaps between what sellers expect and what buyers are willing to pay. Meddling in the market like this only slows the market recovery, while costing taxpayers billions of dollars.
With federal bureaucrats setting the amount of relief a property owner would be entitled to by unilaterally setting the current value of a home rather than letting the market determine a home’s value, the opportunity here for mischief is astronomical. What’s to prevent bureaucrats from establishing artificially low values that would over-compensate some favored homeowners since there isn’t a functional market to establish what values actually are under this scheme? There is no check, there are no balances, there is only the enlightened bureaucrat pronouncing the value of a property and putting the taxpayers on the hook for their arbitrary decision.
So much for “Republican values”, whatever those might be these days. This isn’t even “Democrat-lite”. This is hard-core socialism, courtesy of the “maverick” who demonstrates once again that when principle and rhetoric collide, rhetoric wins. This is just what happened with the $850 billion pork-laden credit market bailout that somehow escaped McCain’s vow to reject earmarks and got not only his vote, but his strong-armed assistance within the Republican caucus to help make sure it passed.
John McCain is destroying the Republican party.
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Fewer illegals will need to abandon athe mortgages on their multiple-resident, overcrowded dwellings as the checking of immigration status surely wouldn’t be part of any McCain scheme.
That was quite apparent back when he sponsored McCain-Feingold, and yet the GOP a/k/a the Stupid Party handed it’s nomination to him on a silver platter.
Barack Obama associates with terrorists.
I’m not hearing anyone acknowledge that government interference with the free market is one of the major causes of this crisis in the first place. I’m only hearing “more interference, more bailouts”
Just as it’s going to take a painful recession or depression to right the financial markets, I think it’s going to take this election cycle and 4-8 years of Obama/Biden to cleanse the Republican party of George W Bush’s and John McCains. My hope is that a new generation of conservative Republicans will emerge out of what’s left and brighten the future. For right now, maybe there is a reckoning to be realized for 8 years of non-conservative Republicans.
When I heard John McCain call for the “buying-up” of the bad mortgages last night, I was thoroughly disgusted. What about those of us who have been making our mortgage payments, a/k/a responsible homeowners? There is no chance in hell that I would support assisting those who should never have been given a home loan in the first place. What about accountability?
Neither Obama or McCain are fit to be president. Obama is a liberal leftist loon and McCain is a RINO and an absolute disgrace to the Republican Party.
The fate of our nation in the hands of either of these liberal socialists is surely abysmal. Can we afford 4-8 years of either of them in office? I think not… and I don’t think our country will be the same ever again.
It’s very wrong and it makes me angry. We’ve moved towards an America where you’re not rewarded for playing by the rules or being responsible, you’re continually rewarded and patted on the head for overconsumption and overextension.
BothPartiesColludeAgainstUsAndMarketToYourFears said on 8 Oct 2008 at 7:34 am:
AMEN to that!
Battlecat, with 4 - 8 yrs of Obama/Biden with Reed and Pelosi, there won’t be anything left.
Vote for Bob Barr.
http://www.bobbarr2008.com/
You know how you can tell when someone’s NOT a maverick?
When they have to keep telling you they are.
Do you know how to tell if McCain is telling the truth?
ans: His lips don’t move!
Vote Third Party! John McCain doesn’t represent me, and I’m sure he doesn’t represent most of us on here!
How do you know if someone is Conservative?
They disagree with McCain.
Help McCain lose Virginia - and tell him why, loudly and clearly. ILLEGAL IMMIGRATION.
BothPartiesColludeAgainstUsAndMarketToYourFears said on 8 Oct 2008 at 9:45 am:
How do you know if someone is Conservative?
They disagree with McCain.
___
So I guess Obama is a conservative?
Boy, who’dve thunk there’d be so many Barack Obama lovers on this site.
freedom, your response to Battlecat above is right on! Under Obama/
Biden, this country is headed for yet a bigger disaster than we already
experiencing. Obama is so desperate, he is depending on the voter
fraud perpetrated by his favorite organization ACORN. The brutha
will stop at nothing.
McCain/Palin are scheduled to announce three new proposals this afternoon.
First, everyone who has become jobless over the past 18 months will be hired by the Federal Government at a pay rate of what they SHOULD make (many were underpaid to start with). They will be given jobs dispersing bailout money to banks and as home value assessors figuring out what houses would be ideally priced at in a perfect world.
Secondly, everyone who has declared bankruptcy during the past 10 years will be given a $10,000 stimulus check. “These are proven spenders who will help us to circulate this money for the good of the economy” says McCain.
Thirdly, each American taxpayer who has played by the rules and overextended themselves will be mailed a tube of AstroGlide and a sex toy as way of a thank you for all that they do.
oops not overextended themselves that should say.
stepped on my own joke.
Let’s hope that McCain and Palin won’t forget to pour lots of $$
into the ACORN till.
Perhaps you all have forgotten, but the USA is still at war with Islamic fundamentalists, in Iraq, Afghanistan, and elsewhere. I’m telling you, Barack Hussein Obama is not the man to lead us in this war. If “that one” wins, every jihadist from Jakarta to Cairo to London will be celebrating in the streets.
http://www.washingtontimes.com/news/2008/oct/08/throw-the-bums-out-30355744/
Vote your conscience, folks. Politics should not be a career.
The GOP is eating crow. It swallowed its principles believing McCain was the only way to win the independent vote from Obama/Hillary.
McCain’s positions are so erratic that no one trusts him on either side and now he will be eaten by the MSM and Obama team.
The GOP strategy is backfiring. They would have been better off supporting someone with consistent conservative principles who has not been an lifelong member of the congressional institutional at which the voters are so angry. They should have picked a leader who didn’t come from the political elite.
Both parties picked the wrong candidates and all Americans will suffer. It’s a shame that most voters are blinded by loyalty to party.
Ann Coulter is right. When the Republicans nominate a moderate, they lose the general election - at least going back to 1972.
I was hoping McCain would say — “Friends, I goofed. Last week I voted for the bailout bill thinking that was the only option. I was wrong. I have faith in the U.S. economy to weather this storm. U.S. capitalism is the best economic system in the world. Yes, we should correct excesses by regulatory means, if necessary. Subprime lending was and is a mistake. Banks gave loans to people who clearly did not have the means to make payments when things go sour, as they almost inevitably do.
When I am president, I will work with Congress to remove Fannie Mae’s and Freddie Mac’s authority to purchase and package subprime loans. If the banks want to continue to offer this product, fine but they assume all the risk.
I will also direct Treasury to purchase the toxic loans of U.S. banks and mortgage companies up to $700 billion that we will hold for only 24 months after which time the banks must set up a payment plan to reimburse the government for these purchases. This will allow some stabilization of the credit markets.
Lastly, as President, I will direct HUD to reinstate and enforce the regulations prior to the 1998 changes to the Community Reinvestment Act that set up the problems we now face.
I am a maverick and realize this plan will upset many of my colleagues in the Congress. But doing what’s right and what’s prudent take precedence over hurt feelings and one’s perceptions of me. I would like to hear from you. Tell me what you think …”
I agree with your consensus Greg about McCain’s plan but what about those of us who have negative equity BECAUSE we live in an area that was taken over by illegal aliens and the mortgage market exploded as they left in droves? There are MANY people in this country that are neg-eq right now because of the irresponsibility of others and the CRA.
“When do Americans, who have been responsible with their money—that is, who haven’t bought too much house and didn’t think the good times would never end—get a break? Sen. McCain, Sen. Barack Obama and the other members of Congress who have supported one bailout after another have turned fiscal responsibility into a sucker’s game. It is time for someone to speak up for those who play by the rules and pay the nation’s bills,”
- Bob Barr
“Both parties picked the wrong candidates ” Well the Democrats picked a fairly liberal guy. Their constituents insist on it. Enough of them split off and voted Nader in 2000 - costing them an election - that they’re afraid it might happen again, and they nominate fairly liberal people.
By contrast, the GOP has its constituents “in the bag” and can vote for bailouts, fight for Amnesty, etc. etc.
The real down side is when the maniac loses it will taint Sarah, a good conservative.
Rick a/k/a Naughtius Maximus and Elvis (Indigenous or Halloween) - will you contact me offline? pwcn8tiv@gmail.com
Many thanks…
I still can’t believe what McCain proposed. Once again he sold out conservatives in order to stay competitive in the race by appeasing the increasingly stupid masses who think our Government will solve this mess.
I’ll still vote for him because he is still the better alternative and there is still Sarah, but now I honestly don’t care who wins anymore. They have both sucked the life and liberty out of me…but I still have happiness - for now.
Sometime in the next 4 years we’ll now whether or not it’s time for the 2nd American Revolution.
There is hope grasshoppers.
McCain appeared “lackluster” last evening because he believes there’s enough undecided voters out there and he didn’t want to scare them towards the Democrats.
The liberal media creates the myth there’s a myriad if undecided voters out there (moderates if you will) to keep the Republican candidate in check and kept from touting conservatism. Did you notice last evening how leftist Tom Brokaw didn’t ask questions about abortion, immigration and guns? There’s a reason for this - Obama is a loser on all of them.
I have hope my friends. I believe it’s pretty clear that the timing of this “national financial breakdown” is very questionable.
I also believe that as more and more hard working Americans realize that 45% of the 95% that Obama claims are worthy of a tax cut do not even pay taxes, the “tax refund” in nothing more than a welfare payment and a way to buy votes from leftist freeloaders.
Obama has the media in the tank, but I do believe there’s a myriad of hard working Americans that realize this election is much more than electing the next President - it’s about saving the Republic.
park’d said on 8 Oct 2008 at 1:50 pm:
I agree with your consensus Greg about McCain’s plan but what about those of us who have negative equity BECAUSE we live in an area that was taken over by illegal aliens and the mortgage market exploded as they left in droves? There are MANY people in this country that are neg-eq right now because of the irresponsibility of others and the CRA.
I thought illegal aliens leaving in droves was what you wanted?
There are many people in this country that are neg-eq because y’a effed up, that;s why.
And btw, Sarah Palin just went on record supporting McCain’s buyout plan.
And if you really don’t want government intervention in the economy, then you need to be consistent about it, which means allowing the free flow of goods and capital across borders - including labor.
If you don’t want businesses moving abroad, then you need to relax the overwhelming regulations and taxes that businesses are subject to. Allow them to hire whoever they want to hire and pay whatever they want to pay. Quit listening to stinking unions.
That’s the free market.
That is the most ridiculous proposal I have ever heard. Nothing for those of us who through luck or responsible financial decision making are not upside down in our mortgages. Those who made poor decisions and/or have bad timing in their home purchase win big. Biggest load of crap ever.
Am I the only person that longs for a flat tax, so we can eliminate the gamesmanship of “tax cuts” at election time?
If you are a true Republican, in the traditional sense of the word; that is, a Reagan Republican, you will join me and vote Libertarian. McCain is not going to win this election, no matter what we do. We may as well as rock the Republican Party to its core and vote 3rd Party. Join me at http://www.lp.org.
Flat Tax all the way.
It would greatly simplify things - and remove the loopholes.
Loudoun said on 8 Oct 2008 at 4:08 pm:
Loudoun - check out the Palin/Biden Debate Open Thread.
Our democratic candidate seems to have tipped his hand during the debate:
“The problem is we still have an archaic, 20th-century regulatory system for 21st-century financial markets. We’re going to have to coordinate with other countries to make sure that whatever actions we take work.”
As Senator Obama panders to the New World Order crowd, advising them of his commitment to seek their approval, we see more clearly why our presidential candidates were campaigning in Europe not so long ago.
THEIR stabilization of the economy will ultimately depend on the establishment of the North American Union and the conversion to the Amero.
http://www.liveleak.com/view?i=afd_1222901036
http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=50981
It’s very disappointing to see folks claiming to be Reagan Republicans supporting folks like Bob Barr, who wants to raise the white flag of surrender in Iraq. True Republicans would support our troops’ mission of deposing tyrants and safeguarding our freedoms. Nothing is more important than our nation’s security.
The first time the bailout was talked about the members of the House they were flooded with phone calls and faxes warning them NOT to vote FOR the bailout. It failed. Then the Senate took the bill and passed it, then too the House. What trumped the voice of the people? What do they have to say to their Constituents now? More importantly, do they realise how we will respond to them?
“It’s very disappointing to see folks claiming to be Reagan Republicans supporting folks like Bob Barr, who wants to raise the white flag of surrender in Iraq. True Republicans would support our troops’ mission of deposing tyrants and safeguarding our freedoms.”
I think we all can agree that Iraq is a quagmire and a bottomless money pit. Saddam is dead. We’re sinking billions into a country and a people that overwhelmingly hate our guts. There’s no sense in that.
Barring the Iraq war, the Libertarian party is spot on with all the other issues posters here are bitching about.
So quit bitching and vote for REAL change. Get the crooks out of the White House once and for all.
The chances of him winning are slim, but we’re screwed either way with our two real choices so at least a statement can be made.
I think that Iraq can be stable, but I think it’s a comedy that we police it for them, when we don’t even speak Arabic, when they have an 80 billion dollar surplus. I think it’s time for them to accept responsibility for their own country.
“But it’s important to us”. Okay, fine. Doesn’t mean we can do it effectively.
We can “surge” till the cows come home but our leaders should be keeping track of what’s in this for the American people. George W like his father before him seems to care more about the welfare of other nations’ citizens that he does our own.
Americans pay much more for prescriptions than other countries? Price of being American, leave the system as is. Iraqis don’t want their own young men dying in the streets? Send ours over. World banks need propping up? By all means let’s use our money to help them out.
HUD reports that 5 million fraudulent mortgages are held by illegals. I have seen this in PWC; check it out at the courthouse. Many of the mortgages are not only not repaid, but second mortgages are taken out and then the homes abandoned/foreclosed. http://kfyi.com/pages/local_news.html?feed=118695&article=4364653
From that story - “The problem began years ago when banks were forced to give mortgages without confirming social security numbers or borrower identification”
Nobody forced the banks. They chose not to. Were it not for the money being backed up by Fannie Mae and Freddie Mac, they might have not. But they chose to.
Banks and other institutions are going to do what makes them the most profit. Some regulation of their activities is necessary. Without government regulation and taxation, the wealthy hoard the wealth (see “Great Depression”).
It’s not as simple as the story’s author indicates, as if our crazed left-wing government wouldn’t let banks check SSNs. What happened is that our whorish Congress snuck a provision into a spending bill that allowed banks to use “Matricula Consular Cards” on these guaranteed loans, and the banks did what they would be xpected to do - go nuts lending to illegal aliens. It was a bipartisan sneak attack on the rest of us, motivated by the way our crooked system works - lobbyists’ interests are rewarded.
Every elected official who gave lip service to Homeland Security while sitting and watching this happen should be publicly flogged at a minimum, and then sentenced to live in a neighborhood of flophouses (Manassas Park?) for 10 years.
My friends, I am here to answer any questions that you have about my campaign and my positions.
Many of you ask why the bailout. Well it’s simple. I took a principled position that - hey look this way. Look at the shiny ball. Now go chase! Go chase!
I’m thinking of suspending my campaign for a few days next week to get some R&R in. Meanwhile I’ll answer any questions that any of you have, with non sequitors and position changes and clever little one-liners about That One, Senator Obama.
Bring it on, you little jerks. I have the temperment and the background to lead.
Many people ask why I ran for President, when I’m so old and have no particular agenda.
Well I believe that we are in tough times, and we need experienced, seasoned leadership.
That’s why I picked Governor Palin as my running mate. Her experience is beyond question.
Unlike “Barack Obama”, we are not going to telegraph our dislike of Al Quida or our desire to locate Osama bin Laden. In fact, I am willing to work with the members of Al Quida if they are willing pay a fine, and learn English. This is not am Amnesty my friends. America needs taxi drivers, and these men can provide that service.
I am also starting a Terrorist Home Loan program to ensure that when our friends from the Middle East apply for this Amnesty - oops I mean this program - that these men and women will be able to afford houses to cram into in suburban neighborhoods, and integrate more fully into our society. Regular Americans need not apply.
Freedom is slavery my friends. The only way we’re going to get out of this financial mess is tax cuts for the wealthy. Night is day. Vote McCain/Palin, thank you my friends.
Good morning fellow Americans! I’m here as well!
Two mavericks! Ready to change America!!!!!!!!!!!! This is gonna be GREAT!!!!!!!!!!!!!!
I’m so excited I feel like I might BURST INTO FLAMES!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Let’s get jiggy with it!!!!!!!
One question that I’m frequently asked on teh campaign trail is, is Barack Obama worse than the devil?
Well, the Bible which I believe in states quite clearly that Satan was a fallen angel. Was “Barack Obama” ever an angel? Well, I kind of doubt it. If you ask me he has the mark of Cain!
Barack Obama is no angel. He pals around with terrorists. He sits and prays with those who hate America. He eats at restaurants with child molesters. Barack Obama is the kind of guy who once got on an elevator and chatted with a group of performance artists who had urinated on an American flag.
Not the kind of guy I want to see as Commander-In-Cheif!
So I’ll take my chances with the devil, thank you very much!
Barack Obama once shared a cab with a man who had sex with a horse. it’s true! Kind of scary, don’t cha think?
Barack Obama couldn’t find his ass with both hands and a map.
You tell ‘em, Senator McCain!!!!
AWESOME!!!!!!!!!!!!!!!!!
You know what they say around Wasila. If you want your taxes bigger, vote for the -
Governor Palin, please! No!
The Democratic candidate, I was gonna say.
Oh, right.
My friends, I have another idea. Many of you have lost money on illegal gambling over the past years. Gambling, though illegal in most of the Continental united States, is big business.
I propose that all gambling debts be forgiven. If you won, keep the money - and that money should not be subject to Capital Gains tax. SENATOR OBAMA, that one, wants to tax your winnings. I don’t.
But if you lost, the government should reimburse you. After all, what’s government for?
We’ll pay for this by drilling more oil and by taxing the wealthy less.
That is so AWESOME!!!!!!!!!! I mean, really!!!!!!!!!!!
Senator McCain, you are just the coolest!!!!!!!!!!!!!!!!!!!
I can’t wait to get into Washington with you and just start shaking everything up!!!!!!!!!!!!!!!!!!!
……..AND WE ARE BAILING OUT THE BANKS! SHAME!!!
http://www.freerepublic.com/focus/f-news/2100080/posts
B.HusseinObama member of socialist/communist/marxist group: “New Party member Barack Obama was uncontested for a State Senate seat from Chicago.” from the Progressive Populist Editorial by Jim Cullen. http://newsbusters.org/blogs/p-j-gladnick/2008/10/08/will-msm-report-obama-membership-socialist-new-party
Thanks, Sarah and John! You made my day.
“It’s very disappointing to see folks claiming to be Reagan Republicans supporting folks like Bob Barr, who wants to raise the white flag of surrender in Iraq. True Republicans would support our troops’ mission of deposing tyrants and safeguarding our freedoms.”
How can we be surrendering? On May 2, 2003, George W. declared “Mission Accomplished”. Doesn’t this mean that we won? Our mission was to depose a tyrant, and we did depose Saddam Hussein, who at the very least was able to keep Al Queda out of Iraq. Now Iraq has a $79 billion surplus and we are still pouring $10 billion/month into this cesspool of a place where over 80% of the Iraqi population want us gone. So I ask you Ducky, tell us what “victory” is, would you? Because if victory is installing a democratic government, it will never happen; these people do not want a democratic government. There are conflicts there that stem from over 1000 years ago; we can never solve those problems, even we take McCain’s advice and stay there 100 years.
Meanwhile Osama bin Laden continues to thumb his nose at us, making a total mockery of our military, who as far as the world is concerned is incapable of drowning this rat out of his cave. George Bush and John McCain have lowered our standing in the world because we are not focusing on where the war on terrorism should be focusing on: Afghanistan. As our generals there continue to beg for more troops, while we are losing too many brave men and women. And because we got distracted with Iraq, and were unable to defeat Al Queda and bin Laden, our military looks weak in the eyes of the world.
Many of the readers here are our brave soldiers. Don’t vote for McCain just because he’s a veteran; that doesn’t make him qualified to be a capable commander-in-chief. He has said numerous times that he “knows how to get Bin Laden”. Do you think if he really knew, he would have told us by now? And if he knows how to get him, perhaps he should have told someone a long time ago, before we lost thousands of our brave men and women. If you want the world to see our military as it rightly should be seen, vote Libertarian.
You’re welcome Tillie - glad somebody liked it.
Bob Barr for Prez - well said.
But you missed one point - Iran!
With Saddam Hussein in power, Iran had one enemy that it tussled with on a regular basis - Iraq. With Iraq essentially powerless in the region, it has allowed Iran to become more powerful and influential in the area. Today there is no other country in that region that can deal with Iran.
http://www.guardian.co.uk/world/2006/aug/23/iran.syria
And, we can thank the US for that.
And God Bless our troops who are deployed around the world so that we can stay here and enjoy our freedoms in the US.
Obama recently hired the community activist group ACORN to help him turn out the Democrat vote for the November election. Meanwhile ACORN is under investigation in 15 states for engaging in voter fraud activities.
An ACORN office was raided this week by federal officials on reports that employees falsified forms with fake names and made up addresses. But here’s the worst part: ACORN receives tens of millions of dollars in taxpayer subsidies through government grants.
And we’re now seeing more arrogance and disregard for the law in Virginia on behalf of the Democrats:
* In Hampton Roads, phony voter registration forms were filled out by paid employees resulting in felony voter fraud charges;
* The liberal teacher’s union was caught promoting “Obama Blue Day” during school hours in an attempt to register students to vote and support Obama;
* Democrat Sheriffs in Fairfax and Petersburg are registering prison inmates to vote, some of whom were awaiting trial for felonies;
* Governor Kaine has been restoring the voting rights of felons at a breakneck pace.
This is amusing to me. The sheep in the Republican Party (which doesn’t imply anything positive about Democrats) let their party put forth a nominee who is so left-wing that he wants the government to give homes away to people who defaulted on them, and grant Amnesty to illegal aliens. Yet, they are so reflexively disgusted by the idea of a “Democrat” taking office that they are reduced to begging the Socialist on their ticket - a man who has zero piltical principles or integrity - to bring his campaign more in line with the kind of negative personal attacks they are accustomed to :
http://www.washingtonpost.com/wp-dyn/content/article/2008/10/09/AR2008100903169_pf.html
If McCain loses, average Americans lose nothing. The only people with a stake in him are the medical insurance companies and banking interests.
But try telling that to the yahoos in this article.
I give McCain credit for trying to ratchet down the level of irrational hate among his supporters yesterday.
So,patriots, WHO does one cast his vote for?? Should I start on another flag?
Betsy, you may need to get out your sewing kit if Obama bin Biden wins next month. We’ll be the Social Republic of America. Barry Hussein’s logo will probably be the template.
that is “Socialist Repuglic of America”
Now legal2, you know many in the USA will not tolerate a ’socialist’ country. The libs will put a spin on it and call it SOAR, Society of Americas Reformed, and then it will taste better.
Betsy, I like the way you think