Alan, Esq. - Another Loser in Last Night's Debate...

Alan, Esq.
Date: 2008-10-08 11:47
Subject: Another Loser in Last Night's Debate...
Security: Public

The Free Market.

John McCain's proposal to fix the mortgage crisis, from last night:

You know that home values of retirees continues to decline and people are no longer able to afford their mortgage payments. As president of the United States, Alan, I would order the secretary of the treasury to immediately buy up the bad home loan mortgages in America and renegotiate at the new value of those homes -- at the diminished value of those homes and let people be able to make those -- be able to make those payments and stay in their homes.
I wish I had bought a bigger home which I could not afford...

*sigh*

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Bright Shiny Object!
User: [info]serista
Date: 2008-10-08 16:21 (UTC)
Subject: (no subject)

Me too. I don't know how this is even possible to do. Are they going to reappraise all the houses on the market? And there are some people who bought more house than they could ever afford because they wanted to flip it- lowering the mortgage balance won't help them.

And what about folks who put the 20% down so that even though their house dropped in value, their mortgage is the same value as the home's worth.

When he said that last night, my jaw hit the floor. I am use to politicians making promises that would be physically impossible to keep, but this....

Why not just give everyone a free house.... *sighs*

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carly
User: [info]valkyrjan
Date: 2008-10-08 18:32 (UTC)
Subject: (no subject)

I think the rationale is that if the government (or a private entity, for that matter) is going to buy up bad debts, it's in their interest if the debts are smaller. That such a scheme "helps" the person who "bought" the house is merely incidental as anything other than political pandering.

This isn't an endorsement of this idea, obvi; just an explanation of how it could have come from a "conservative" economic adviser (which I've read it did).

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Unfrozen Caveman Patent Lawyer
User: [info]lawnrrd
Date: 2008-10-08 19:04 (UTC)
Subject: (no subject)

It's not as though Bush (or his father, for that matter) sincerely believe(d) in free markets, either. If we're going to have a statist, environmentalist, corporatist president, it may as well be a Democrat. As least a Democratic administration is less likely to try to take away my porn.

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Alan, Esq.
User: [info]alanesq
Date: 2008-10-08 22:07 (UTC)
Subject: (no subject)

Despite my misgivings about McCain's views on economic policy, I am not about to vote for a guy who was a member of an anti-semitic church for 20 years and believes that just sitting down and talking with homicidal dictators will make them hate us less.

I could make some additional comparisons... but you know how Godwin's law works...

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Reality Hammer
User: [info]reality_hammer
Date: 2008-10-09 02:03 (UTC)
Subject: (no subject)

I sent a message to him letting him know that if he's going to give "free equity" to people that included irresponsible buyers, unlucky buyers, etc. he better give it to everyone or the middle class is simply going to stop paying their mortgages.

Which politician is going to throw out 40 million homeowners?

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Eric
User: [info]escapade52
Date: 2008-10-09 16:58 (UTC)
Subject: (no subject)

Hey, at least you own something. Renters get it the worst.

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