Thursday Oct. 9, 2008
who would have thought John Mc Maverick Cain would propose an actual 'executive' order to his Secretary of the Treasury Department (when he takes over the reigns of the Presidency from George W. Bush) to buy out bad mortgage debt and renegotiate the mortgages (with somebody) so homeowners can stay in their homes and continue making payments?
Video
http://voices.washingtonpost.com/the-trail/2008/10/07/watch_the_full_obama-mccain_de.html
Read the entire portion. See how McCain starts out, and finishes, his answer.
We've got to stop sending $700 billion a year to countries that don't want us very -- like us very much. We have to keep Americans' taxes low, all Americans' taxes low. Let's not raise taxes on anybody today. We obviously have to stop the spending spree that's going on in Washington. Do you know that we've laid a $10 trillion debt on these young Americans who are, who are here with us tonight? Five hundred billion of it we owe to China. We've got to have a package of reforms, and it's got to lead to reform, prosperity and peace in the world. And I think that this problem has become so severe, as you know, that we're going to have to do something about home values. You know that home values of retirees continues to, to decline. And people are no longer able to afford their mortgage payments. As president of the United States, Allen, 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 make those -- be able to make those payments and stay in their homes. Is it expensive? Yes. But we all know, my friends, until we stabilize home values in America, we're never going to start turning around and creating jobs and fixing our economy. And we've got to give some trust and confidence back to America. I know how to do that, my friends. And it's my proposal. It's not Senator Obama's proposal; it's not President Bush's proposal. But I know how to get America working again, restore our economy and take care of working Americans. Thank you.
http://www.courant.com/news/nationworld/hc-debatetranscript-1007,0,2995503.story
Startling?
Not so much.
McCain's vice presidential choice, Sarah Palin stated she believed the United States Constitution and those Founding Fathers... they... provided great leeway ... flexibility for a Vice President's power. And she would use what she saw fit, durn blast it... maverickly...
Transcript: The Vice-Presidential DebateOctober 2, 2008 Following is a transcript of the vice-presidential debate between Senator Joseph R. Biden Jr. and Gov. Sarah Palin in St. Louis, as recorded by CQ Transcriptions:
http://elections.nytimes.com/2008/president/debates/transcripts/vice-presidential-debate.html
When presenting this constitutional expertise, Palin also winks at the audience, just like John McCain.
The duo must be using the same half-side of a brain... but is that the right or the left?
So the two real-deal mavericks - the real reformers of government - we are not for those unconstitutional 'earmarks' no we're not...
The pair want us to believe they are going about reforming the government by finding power anew in the U.S. Constitution before either are elected to the highest office of our (once-sovereign) nation.
McCain offered a "new" plan to buy up bad 'home-loan mortgages.' New?
A new 'spending' plan. Ooops...
By the way, the $300 billion is new money.
Check the original link. Malkin posts the McCain press release. It very clearly states that the $300 billion is NEW SPENDING.
116 posted on Wednesday, October 08, 2008 12:41:18 AM by jddqr
http://www.freerepublic.com/focus/news/2100166/posts?page=121
Maybe not new money?
To: jddqr
Check the original link. Malkin posts the McCain press release. It very clearly states that the $300 billion is NEW SPENDING.
That's a death wish for McCain, and he would know that. I'm no McCain supporter. I wasn't even going to get involved in this election until Palin showed up.
Because I do know McCains quest is to stop throwing tax payer money around, I really don't, or can't, believe the $300 BILLION is additional. It goes against everything he stands for.
McCain has a problem expressing himself - a lot. Until I hear otherwise, the money is the already allocated $700 billion the dems stuck us with. I'm not going to knee jerk this one and condemn what could be an excellent proposal.
135 posted on Wednesday, October 08, 2008 12:49:49 AM by concerned about politics
http://www.freerepublic.com/focus/news/2100166/posts?page=121
Really now. It's not 'new' money... it's already in the $700 billion plan Congress already passed, right
McCain would buy bad homeowner mortgages
Oct 8 02:46 PM US/Eastern
By JIM KUHNHENN
Associated Press Writer
John McCain's proposal to buy up bad home mortgages would use nearly half the $700 billion from the recent Wall Street bailout package to assist Americans directly, instead of indirectly by rescuing the nation's financial markets.
The Republican presidential candidate announced during Tuesday's debate that he would order the federal government to spend $300 billion in federal funds to buy the mortgages and allow financially troubled homeowners to keep their houses.
http://www.breitbart.com/article.php?id=D93MG1U00&show_article=1
First McCain - in newspeakish - 'corrected' the questioner. The questioner called the situation 'bailout' then asked the question...
McCain said it's a 'rescue' plan.
Rescue plan, rescue plan, rescue plan...
McCain then stated he'd order - order - the Secretary of the Treasury to buy up all of the bad home-loan mortgages...
Writer says Obama not only already proposed this... it's actually in the bailout bill already...
National press secretary Bill Burton noted that the "rescue bill includes authority for the Treasury Department to buy 'residential or commercial mortgages.'" Moreover, he noted, Obama has made that proposal twice previously....
http://www.huffingtonpost.com/2008/10/07/in-debate-mccain-touted-m_n_132828.html
In McCain's own words:
"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 values of those homes — and let people be able to make those payments and stay in their homes," he said.
The proposal, which he called the American Homeownership Resurgence Plan, is as much a policy plan for the future as it is a political tactic for the present.
http://www.wgntv.com/landing_election_news/?McCain-proposes-300-billion-plan-to-buy-=1&blockID=87545&feedID=21
Long History for Proposal on Mortgages by McCain
...The campaign of Senator Barack Obama quickly countered by saying that the financial rescue plan that President Bush signed into law last week already gave the treasury secretary such power. And, his advisers noted, Mr. Obama recommended such a step in a news conference nearly two weeks ago.
The Obama camp is correct that the new $700 billion bailout of the financial system gives the Treasury the authority to buy troubled mortgages. But the law leaves unclear how the authority is to be used, according to a person who was privy to the recent legislative negotiations between the White House and Congress and who is not affiliated with either campaign.
The mortgage renewal idea actually originated with Senator Hillary Rodham Clinton, said Charlie Black, a senior adviser to Mr. McCain. And Mrs. Clinton, who proposed the idea in a recent newspaper column, borrowed it from a Depression-era New Deal agency, the Home Owner’s Loan Corporation...
http://www.nytimes.com/2008/10/08/us/politics/08mortgage.html?partner=rssnyt&emc=rss
Ah wait, Hillary Clinton made the proposal
Sen. Clinton: Gov't should help buy back home loans
http://www.newsdaily.com/stories/n22430658-financial-clinton/
Ah wait again. Barack Obama... similarly weeks ago...
McCain would buy bad homeowner mortgages
By JIM KUHNHENN
...The Treasury's current plans for the money, however, could be well under way by the time a new administration is sworn in next year, leaving fewer options for a new administration.
The bailout package gives the secretary of the Treasury great latitude to deal with financial markets and address the current credit crunch. Ostensibly, the department would have the authority to intervene directly and help homeowners.
In fact, at a news conference on Sept. 24, Obama said, "we should consider giving the government the authority to purchase mortgages directly instead of simply purchasing mortgage-backed securities."
Days later, in a news release, he said he would "encourage Treasury to study the option of buying individual mortgages like we did successfully in the 1930s."
"Senator Obama has been consistently calling for policies that would buy up mortgages and restructure them so that families can stay in their houses," Obama economic adviser Jason Furman said. "He continues to support that and believes Treasury should use its authority in whatever way it can to bring about that goal, including buying mortgages directly."
http://ap.google.com/article/ALeqM5hfHkP_o1JurPm5e9mEZEFMFKaJwgD93MDD9O0
The measure in the bailout novel-length document is unclear.
Say what, the legislation is unclear? Nobody really knows what the hell is in it?
Nobody really read the part wherein the Secretary of the Treaury gets unlimited and unchallenged powers?
Astonished?
Not so much.
Where's the clause in our Constitution that grants Congress the power to give a Treasury Secretary powers the Constitution doesn't specifically grant?
McCain's proposal claims the home-loan mortgages would be purchased by the government and basically refinanced or renegotiated at a diminished value of those homes and the homeowners would then be able to pay off a newly crafted mortgage on the 'diminished' valued home?
Isn't that nice? As we've posed before, the government will buy the mortgages at what value, well enough to re-stimulate the lending system, and then turn around and sell the mortgages at whatever price somebody anybody will buy them.
The government couldn't even come out even on the deal because it will be borrowing the monies to make the purchases and have to pay back those loans, likely from foreign government agents, with interest.
Furthermore, what about homeowners who are already paying off hefty mortgages at a potentially inflated value? Who is going to diminish the value of those homes so they don't have to pay so much?
Oh, the market will diminish the value when the next door neighbor gets to stay in a home he/she cannot actually pay for and the value goes down by order of the federal government.
What a nightmare. Talk about diminished value of homes now... just wait until after the government steps in.
But McCain doesn't stop there...
McCain continues, unhesitatingly
'Will it be expensive. Yes...'
Hey you taxpayers I'm talkin straight to you... my plan will be expensive... but you all vote for me cause unlike that one over there, I'm tellin you... this will be expensive...
That quote leads us to conclude, McCain's plan includes new spending added to the already passed legislation. Otherwise, McCain would have said his plan rests on monies Congress already uh um has...
don't know about you but was there ever a 'real' real John McCain?
The federal government is running itself on borrowed money... It doesn't have a dime of real money, it's all on paper. the country is in a deficit to the tune of trillions of dollars. It borrows and borrows to keep up entitlements.
Now, McCain wants to borrow how much? Expensive. How expensive? $700 billion the government does not possess, and $300 billion more and hey what about the monies borrowed for all of this? Interest. Over how long?
Selected quotes from free republic
Way to go McCain, welcome to entitlement housing.
12 posted on Tuesday, October 07, 2008 11:17:52 PM by Tublecane
Somehow I don’t think the ‘senior moment’ card is going to work here.
50 posted on Tuesday, October 07, 2008 11:26:15 PM by 9YearLurker
http://www.freerepublic.com/focus/f-news/2100131/posts
Net the Truth Online
MCCAIN: Well, thank you, Tom. Thank you, Belmont University. And Sen. Obama, it's good to be with you at a townhall meeting.
And, Alan, thank you for your question. You go to the heart of America's worries tonight. Americans are angry, they're upset, and they're a little fearful. It's our job to fix the problem.
Now, I have a plan to fix this problem and it has got to do with energy independence. We've got to stop sending $700 billion a year to countries that don't want us very -- like us very much. We have to keep Americans' taxes low. All Americans' taxes low. Let's not raise taxes on anybody today.
We obviously have to stop this spending spree that's going on in Washington. Do you know that we've laid a $10 trillion debt on these young Americans who are here with us tonight, $500 billion of it we owe to China?
We've got to have a package of reforms and it has got to lead to reform prosperity and peace in the world. And I think that this problem has become so severe, as you know, that we're going to have to do something about home values.
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.
Is it expensive? Yes. But we all know, my friends, until we stabilize home values in America, we're never going to start turning around and creating jobs and fixing our economy. And we've got to give some trust and confidence back to America.
I know how the do that, my friends. And it's my proposal, it's not Sen. Obama's proposal, it's not President Bush's proposal. But I know how to get America working again, restore our economy and take care of working Americans. Thank you.
http://latimesblogs.latimes.com/washington/2008/10/post.html
Round 2: Candidates Spar Over Economy, Foreign Policy, Leadership
McCain Pledges Government Will Buy Up Mortgages
By RUSSELL GOLDMAN
Oct. 8, 2008
http://abcnews.go.com/Politics/Vote2008/story?id=5976774&page=1
Legislation already passed included...
In case anyone gets the idea that what Senator McCain proposed tonight about the Treasury buying up existing mortgages that are in distress and renegotiate the same is a new proposal, this is already mandated in the Rescue Law.
It is therefore unclear what Senator McCain may be talking about Treasury in terms of taking a direct mortgage purchase approach as part of the Troubled Asset Relief Program aka TARP which authorizes the Treasury subject to guidelines to buy up distressed [the term toxic is pejorative] assets to clear the financial systems clogged arteries.
...in Section 109 of this new law, for mortgages and mortgage-backed securities acquired through TARP, the Secretary must implement a plan to mitigate foreclosures and to encourage servicers of mortgages to modify loans through Hope for Homeowners and other programs enacted in July. It also allows the Secretary to use loan guarantees and credit enhancement to avoid foreclosures. It also requires the Secretary to coordinate with other federal entities that hold troubled assets in order to identify opportunities to modify loans, considering net present value to the taxpayer. Section 110 of the new law requires federal entities that hold mortgages and mortgage-backed securities, including the Federal Housing Finance Agency, the FDIC, and the Federal Reserve to develop plans to minimize foreclosures.
And, it requires federal entities to work with servicers to encourage loan modifications, considering net present value to the taxpayer. What McCain may be talking about is telling the Treasury – despite the oversight provisions in the law – to take the position that it should acquire ownership directly in individual mortgages. The Treasury has stated in many cases TARP will buy individual mortgages...
http://www.californiaprogressreport.com/2008/10/hold_the_presse_3.html
McCain wants to spend $300 billion to buy up bad mortgages; Martin Feldstein behind it By Michelle Malkin • October 7, 2008 11:07 PM
...This was his supposed “game-changer.” This was the very first thing out of his mouth during the debate tonight — his big pitch right off the bat. The McCain campaign immediately sent out this fact sheet on the proposal, which will cost at least $300 billion. The proposal involves directing the Treasury Secretary to “purchase mortgages directly from homeowners and mortgage servicers.” That’s on top of the trillion-dollar crap sandwich (update - McCain says it would be included in the crap sandwich), the $85 billion to AIG, the $25 billion to automakers, the $200 billion in capital and credit lines to Fannie and Freddie, and who knows what else we’ll be forking over to California, Massachusetts, etc., etc., etc.
He spent the entire debate assailing massive government spending — while his featured proposal of the night was to heap on more massive government spending to pursue home ownership/retention at all costs. If Obama had proposed this, the Right would be screaming bloody murder about this socialist grab to have the Treasury Department renegotiate individual home loans and become chief principal write-down agents for the nation.
As I put it this morning: “Getting credit is not a constitutional right. Preserving home ownership should not be a government imperative to be pursued at all costs. Neither should foreclosure prevention at all costs.”
http://michellemalkin.com/2008/10/07/mccain-wants-to-spend-300-billion-more-to-buy-up-bad-mortgages/
Revisit the Vice Presidential Debate Note Biden's presentation of solution to mortgage crisis... and Gov. Palin's response to the same question...
BIDEN: Well, mortgage-holders didn't pay the price. Only 10 percent of the people who are -- have been affected by this whole switch from Chapter 7 to Chapter 13 -- it gets complicated.
But the point of this -- Barack Obama saw the glass as half- empty. I saw it as half-full. We disagreed on that, and 85 senators voted one way, and 15 voted the other way.
But here's the deal. Barack Obama pointed out two years ago that there was a subprime mortgage crisis and wrote to the secretary of Treasury. And he said, "You'd better get on the stick here. You'd better look at it."
John McCain said as early as last December, quote -- I'm paraphrasing -- "I'm surprised about this subprime mortgage crisis," number one.
Number two, with regard to bankruptcy now, Gwen, what we should be doing now -- and Barack Obama and I support it -- we should be allowing bankruptcy courts to be able to re-adjust not just the interest rate you're paying on your mortgage to be able to stay in your home, but be able to adjust the principal that you owe, the principal that you owe.
That would keep people in their homes, actually help banks by keeping it from going under. But John McCain, as I understand it -- I'm not sure of this, but I believe John McCain and the governor don't support that. There are ways to help people now. And there -- ways that we're offering are not being supported by -- by the Bush administration nor do I believe by John McCain and Governor Palin.
IFILL: Governor Palin, is that so?
PALIN: That is not so, but because that's just a quick answer, I want to talk about, again, my record on energy versus your ticket's energy ticket, also.
I think that this is important to come back to, with that energy policy plan again that was voted for in '05.
When we talk about energy, we have to consider the need to do all that we can to allow this nation to become energy independent.
It's a nonsensical position that we are in when we have domestic supplies of energy all over this great land. And East Coast politicians who don't allow energy-producing states like Alaska to produce these, to tap into them, and instead we're relying on foreign countries to produce for us.
http://elections.nytimes.com/2008/president/debates/transcripts/vice-presidential-debate.html
A Scary Moment
But one moment that, for whatever reason, escaped the ears of the many pundits of the evening, was Gov. Palin’s definition of the role of the Vice President. Gov. Palin favored Vice President Dick Cheney’s interpretation of the Vice President, an amorphous position with more connection to the legislative branch than the executive.
It was the only moment during the debate that Sen. Biden pounced on, lecturing Gov. Palin about how the Constitution spells out the role of what the Vice President, stating that the Vice President is a member of the executive branch.
http://us-elections.suite101.com/article.cfm/examining_the_vice_presidential_debate
Sarah Palin Wins Debate—by Darn
...by Walter Brasch
...Both Palin and Biden had a few factual errors, with Palin ahead in the count of misstatements, discrepancies, and outright lies, according to factcheck.org, a non-partisan source at the University of Pennsylvania. Possibly Palin’s biggest problem, and something that should coincern every voter, was that she bumbled on the constitutional definition of the role of the vice-president, something Biden quickly corrected...
http://www.pacificviews.org/weblog/archives/003618.html
« Live blogging Sarah Palin and Joe Biden's vice presidential debate | Main | Sarah Palin puts her hand out minutes after the debate ends »
Sarah Palin and Joe Biden Complete Debate Transcript
http://latimesblogs.latimes.com/washington/2008/10/sarah-palin-b-1.html
Fact checking elsewhere (beware as usual)
http://voices.washingtonpost.com/fact-checker/2008/10/first_presidential_debate_oxfo.html
More
Rescue bill includes authority for the Treasury Department to buy “residential or commercial mortgages. ” [Emergency Economic Stabilization Act of 2008, Public Law No: 110-343, 10/3/08]
http://thepage.time.com/obama-release-on-mccain-housing-plan/
Ten Reasons to Oppose the Wall Street Bailout
http://nowallstreetbailout.com/why2.php
WHAT’S A FREE MARKETEER TO THINK?
Volume Six October 3, 2008
http://www.americanexperiment.org/publications/2008/20081003freemarketeerVol6.php
Libertarian perspectives on the bail-out
http://www.marginalrevolution.com/marginalrevolution/2008/10/libertarian-per.html
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