What on earth is McCain talking about with a program to have the Treasury buy non-performing mortgages?? I get the general idea, but he talks about the subject as if the problem is that home values are dropping. What does that have to do with your ability to pay your mortgage? It has nothing to do with it. It's just a more palatable way of saying we are going to bail out a bunch of jackasses who borrowed too much.
My head almost exploded when he said that.
And are we really supposed to believe the new, improved Obama the Budget Hawk?? Where did this come from? Obama promises to review the Federal Budget line by line. Does he mention that the President has no Line Item Veto? And that the Democrats opposed such a veto power consistently? And we are supposed to believe that spending is going to be constrained with Obama, Reid and Pelosi in control?
Augh.
I really just hate them both now. Neither of them has a clue.
2 comments:
First Blabber dyke Biden says it, now McCain...
I've given up a long time ago. I think I'm going to look for for a low paying civil service job now. At least I'll have some security.
No one asked my opinion, but you've been posting some interesting stuff lately, so I thought I'd chime in on this one.
The problem is that dropping home values reward people who could otherwise afford to pay their mortgage to default and give their home back to the bank.
The less your home is worth, the more value the option of kicking it back to the bank and not paying will be, so we have a vicious cycle of mortgage foreclosures and lower housing prices on our hands.
I'm sure you're capable of extrapolating some economic consequences from this argument, and I'm lazy, so I'm not going to bother to go into greater detail. Email me if you're interested in hearing more.
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