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McCain sells mortgage plan

Posted by Foon Rhee, deputy national political editor October 11, 2008 06:00 AM

John McCain uses his weekly radio address to continue promoting his mortgage rescue plan -- and bash Democratic rival Barack Obama's response to the economic crisis.

"We've had two debates now, with a third coming this Wednesday night. And I can't shake the impression that Barack Obama is trying so hard to exploit America's financial crisis that he hasn't really focused on how to solve it. He keeps talking about the past, too -- although in a very selective way. He leaves out certain details, like the part about how he was taking campaign money from the same executives of Fannie Mae and Freddie Mac who were causing America's financial crisis.

McCain says that to resolve the crisis, the government must deal with the wave of foreclosures and plummeting home prices. Under his plan, the government would spend about $300 billion to buy distressed mortgages from financial institutions at their face values, then refinance them at lower interest rates and at the lower market value. Critics say that would force taxpayers to make up the difference.

"It's a simple idea," McCain said. "Take some of the money that Congress has already committed to fixing our financial system and use it to give millions of homeowners a new mortgage and a fresh start. No default. No bankruptcy. No foreclosure. No deteriorating neighborhoods. The United States government will support the refinancing of distressed mortgages for homeowners and replace them with manageable mortgages.

"It's critical that we stabilize mortgages, or else the housing market won't stabilize and homeowners across our country face troubles even greater than they face now," he added. "The housing market faces distortion by a glut of low-priced, foreclosed homes. And this would lead to a crash in the value of the number one asset of a majority of Americans. With so much on the line, the moment requires that government act -- and as president I intend to act, quickly and decisively."

McCain said Obama's response to the plan "was typical of his response to the entire crisis. First, Senator Obama tried to claim that it was really his idea. But if anyone believed that claim, they didn't believe it for long because the very next day Senator Obama and his campaign attacked my plan to stabilize mortgages. He claimed that the cost of the plan would place a burden to taxpayers -- this from the same guy who plans to increase federal spending by $860 billion."

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The blame for the current economic crisis rests with the irrational demands, unrestrained behaviour and self-delusional expectations of the public and not the government.

Our government is simply a reflection of its constituents - a people living off the fat of the land that our forefathers fought, died and sacrificed to provide. A people whose culture encourages ignorance, entitlements, debt and greed and discourages education, work, savings and thrift.

We expect to make money from nothing. For decades we've re-elected Congressional Republicans and Democrats who have financed their deficit spending with legislation that hamstrung regulatory agencies and promoted lenient credit to encourage consumer borrowing in order to produce economic expansion.

Like the Roaring Twenties decade that preceded the Great Depression, the Irrational Nineties that preceded our current decade were both golden ages for technology, scandal-plagued politicians, corporate greed, and unrestrained personal debt and speculation.

By hindering regulatory enforcement and lowering credit standards, Congress fueled the public's unrestrained and irrational expectations for the dot-com securities and sub-prime mortgage markets.

When pork-barrel politics, redirecting blame and re-election wins are the measures of power and success in Congress, America cannot rely on a Congress bankrupt of money, ideas, and scruples to find solutions for America's wealth and leadership meltdown.

To prime-the-pump in blocked liquidity - central bankers, economists and banks must agree upon a coordinated basis for an immediate infusion of zero-percent (0%) taxpayer loans into banks that are to be paid off over the next several years.

Posted by John Patrick Smith October 11, 08 07:45 AM
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If Obama wants to repeatedly site previous events and bashing Bush policy, then Mc Cain should recite the 1916 "Ten Cannots" from Reverend William J. H. Boetcke.

Posted by Julie Geis October 11, 08 01:36 PM
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Julie it would be nice if McCain could or would so those things but who is really listening.

Most of the American public is so mesmerized by the Obamamedia (US media) that McCain is always blasted by the Keith Olbermanns long before he gets a chance to talk

Do I like George W. Bush - no - but McCain is not Bush even though Obama consistantly says he is.

I am curious why 90% of the Obama supporters if asked about Bernardine Dohrne, William Ayers, Ali Ata, Tony Rezko, Jeremiah Wright and many many more individuals who have influence others to help Obama rise to the top, none of those supporters can tell you anything about the individuals mentioned.

What is as curious Michelle Robinson worked for the same firm Sidley Austin as Bernardine Dohrne (a leader and founder of the Weathermen Underground, a violent and radical group).

Oh by the way Bernardine is the wife of William Ayers and had 2 children by Mr. Ayers. Even more curious was Michelle meet Obama , mentored him at Sidley Austion then married him, then he eventually lives about 3 blocks from William Ayers and works with him.

Now Mr Obama's Campaign says he hardly knew Mr Ayers, kinda like they said he didnt in 23 years hear Wright spew out any racial venom, or like they said he hardly knew Tony Rezko.

Well its all out here on the web you just have to find the TRUTH, its not for you that you do this but for your children.

Posted by Jerry October 13, 08 04:17 PM
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