"Where's their bailout?"

Yeah... forget all about the fact that his plan pays banks FACE VALUE for their mortgages. This isn't helping homeowners, this is REWARDing banks for their idiotic actions over the last 6 years.

Just because it's a plan, does not mean it is good.

Let's see. Many americans are moving to larger cities for more money. But they forgot that housing is out of sight expensive.

So, onward came the Interest only mortgages. The ONLY way American Middle class can afford a home that is priced over $250,000.

In the old days, difference between income and home cost was figured at 3X. You can afford a home that costs 3X your income, this allows for about a 25-29% debt to income ratio.

Along comes expensive cars - most averaging $25-30,000 now a days. So, home owners are looking at a $400.00 a month car payment in addition to a $1000-1200 mortgage payment

Now a days, Many banks will go 4X-8X your income for a home payment, get a interest only loan, and the payments are right at your affordability range. But it is a gamble and a risk. If you lose your job or don't get the planned raise in pay, or the interest rate spikes, you loose everything.

We look at the average income of $50-55,000 per year, but an average house cost of $200-250,000.00 the average person cannot afford payments on that.

In Charlottesville Virginia, the average income is about $35-38,000.00, but the average cost of a house is $335,000.00.

It isn't possible to be approved for a conventional 30 year mortgage when you are looking at a payment of $2300-2500 a month on a $1900 (net) monthly income. Not counting car payment, insurance, electricity, and of course food.

I ask again, who can afford this, the ratio between the haves and the have not's is getting much larger, as the bubble is bursting.

John McCain does indeed favor a "bailout" for homeowners at risk, but if you look at his specific proposal, it comes at the cost of the federal government eating the loss on the mortgages and the banks getting paid in full. In other words, like every other republican proposal, it's bailing out the banks in full, the middle class gets a slight break, and more debt for every American who ends up taking the losses that the banks should shoulder.

More corporate giveaways dressed up like public service. That's the republican way.

How is "buying" underwater mortgages from banks not a bailout of banks, instead of homeowners?

Sure, if the US taxpayers, having bought the mortgages, tear them up or otherwise re-negotiate them with homeowners, those homeowners would be bailed out. Is that McCain's proposal? Is he a Republican or a socialist?

The fact is, many Americans are in more home than they can afford. They knew it when they got into it, and they can blame everyone else for the fact that they have been living beyond their means for many years, but they must be responsible for their actions. These same folks are running $30k balances on the credit cards, and barely paying the minimum payment - at that rate they will NEVER get out of debt.

At some point, we're going to have to have a correction, and those that played all Fall and did not store away any nuts are going to be in for a very harsh Winter. That's the way it goes. As for the Bailout, it stinks, we can't afford it, but the entire World would meltdown if we did not do it.

-C

Do you really believe that Obama is their candidate? I believe Obama will win, b/c of questionable politics. Again, he didn't want Clinton on his ticket, but he sure as hell wants them backing him. He is just like Wright, not much different.

Since Hillary did not get nominated, I'll write her in or vote Nadar.

Looking for Presidential material in Mr Obama.

Mr. Barack Obama's has opinions on many subjects, but has been in very few positions in government where his ideas have been put to the test.
This gentleman, whom I regard in high esteem, and who has a Moslem father, is an intellectual who does not have the practical experience required to be Commander in chief or CEO of the United States of America.
This person has one qualification, at this particular time in his life, he can talk, and discuss in a charming manner.
Let him continue his Senate role, gain the practical application experience, then in future years, run for the top job in America.
Talking and promising, is all very well, it has it’s place certainly, but the President of the United States has to consider Congress and the Senate, so the golden voice of Senator Barack Obama does not qualify him to move into the White house with disregard for practical experience of which he has not yet attained.
I wish him well in his future endeavors, but advise him to sit out this particular endeavor and await a future date to continue.
Some thought for the Voters….
Has he got what it takes ..it will be too late after he is elected, and you desire to change your mind.
He is a Lawyer…
How many years has he practiced law, that career is now at an end and he is now giving it up.
He appears as a honest person, but he has not been in any position as such to be a proven honest
He obtained some experience in State legislature, but for how long.
He can talk that is true, he is a great communicator, most lawyers are, and he promises much.
But these are just promises, none of which may come to pass.
He appears friendly that also is true, politicians are always friendly till they get elected.
Where is all his political experience, that I do not see. How many years has he had in the Senate.
Where does his experience come from to be knowledgeable about our the economy and our country..
Where does his experience come from to be Commander in Chief of all the Military in USA.
Where on earth has all his campaign money come from, he is not a rich man, he does however know some people who to say the least, have a reputation that is soiled and associated with people of ill repute..
He is a religious man, but the church he attended appears to have been one he should have rejected many years ago, simply because of his minister, but he even got married in that particular church by that minister.
Now he has been involved with the Weather man a group who attacked America, surely we need to discuss this at highest levels.
Mr Obama simply puts it down to dirty politics, maybe but he was associated with those people, so an investigation should be made too late after he is elected. It appears we do not know this man with the Golden voice who promises much, beware he may not be able to deliver.
I am always particularly interested when someone can raise money in the large volume that he has, and it begs an explanation.
Who does he know and what does he feel obligated to do for that amount of funding, from those that supplied the cash.
There is no free lunch , someone is expecting large favors from this gentleman when he becomes president .
It will be interesting to see the outcome in the future.

You call 4 sentences a story? This could fit in a fortune cookie. Try getting a little more before you post

Barack Obama doesn't oppose buying out bad mortgages - he acknowledges it as one tool in the toolbox. McCain, however, doesn't take a comprehensive look at the bailout but instead proposes the feel-good measure that will appeal to people worried about losing their homes. Acknowledging that we need to address the economy on multiple levels - from failing mortgages to failing banks to failing ties with key financial allies - in order to restore economic stability is what Obama is proposing. It is the right message at this time - not just populist rhetoric designed to get votes from people unable to understand our economy in its enormous complexity.

I do not really believe that Hill and Bill are really honest in their new found testimonies on behalf of the anointed one. Was it not Hillary who spoke so eloquently about her "friend" John McCain who had experience, while Obama gave speeches? Do I really believe that Hillary believes that Obama can answer the phone when it rings at 3 a.m? Try as she may, there are those in PA who voted for her, but will never vote for Obama.