John McCain. Got no brains, but probably a really nice guy

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tubs

The Republican hopeful said the US government would promptly snap up bad home loans if he became president.

``People are no longer able to afford their mortgage payments,'' said McCain as he laid out what he billed as an original proposal for addressing the grassroots impact of the Wall Street credit crisis.

``As president of the United States, 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,'' he said.

Doing so would enable struggling homeowners to meet their mortgage payments and stay in their homes, he said.

``Is it expensive? Yes,'' he said. ``But we all know, my friends, that until we stabilise home values in America, we're never going to start turning around and creating jobs and fixing our economy.

``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. I know how to get America working again.''

In a statement issued minutes after McCain spoke, his campaign said the McCain Resurgence Plan - as it branded the proposal - would purchase mortgages directly from homeowners and mortgage lenders and replace them with fixed-rate mortgages.

Such mortgages would enable families to stay in their homes, it said.
``By purchasing the existing, failing mortgages, the McCain Resurgence Plan will eliminate uncertainty over defaults, support the value of mortgage-backed derivatives and alleviate risks that are freezing financial markets,'' it said.

``The direct cost of this plan would be roughly $US300 billion ($A423.13 billion) because the purchase of mortgages would relieve homeowners of 'negative equity' in some homes,'' it said.
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So imagine you're some poor hard working American who's gone out and got a house for $400k. You work hard, you pay your mortgage, you do all the right things.

Then some slack **** dole bludger next door with basically the same house, who can't be stuffed getting off his rear and getting a job gets someone from the government coming in, pays his mortgage off then replaces it with a new mortgage for half the price at a really good interest rate.

So poor Mr Hardworker's still paying a massive mortgage on a $400k house, while Mr Slack next door's paying a lower interest rate on a $200k home loan.

That's what you get for working hard in America.

Actually smells of communism to me. You know, 'You made some dumb decisions, got no money. That's all right, we'll punish that rich guy over there and make it really easy for you instead'.

I mean, can you imagine it right now? Every man, woman and dog is going to stop paying their homeloans as of tomorrow, then vote in McCain and get their mortgages halved. Actually, it'll be more like 90% off, since every single house will have just gone up for repossession.

Yeah, I can see how THAT will help the property market.

Seriously, is he that thick, or just really desperate.
 
That was my first thought too when I saw the debate.
You'd be real impressed if you had a $500,000 mortgage, house worth $250,000 and the neighbours were getting a 50% discount on a similar loan.

Doesn't sound fair to me !
 
Anyone who uses the term "my friend" or "my friends" when talking to total strangers - I am VERY wary of.

Anyone who uses the term twice in one conversation - I give an extremely wide berth.

The people who can afford their repayments are still in their homes.

I reckon they should only be addressing the problem for those who have been "downsized" and have no job. Put a hold on the repayments and the interest for a fixed period of time to enable them to find work and get back to normal.

The other problem which has got lost in all of the USA's woes is what happens when someone gets seriously ill there. Before the sub-prime mess, the biggest cause of bankruptcies was medical bills.

This is still ongoing, and now there is the added burden of people losing jobs and their ARMS loans coming to the normal rate.

The people with the liar and ninja loans should not be bailed out, but those who are downsized and/or paying back massive medical bills should certainly have their cases assessed for some assistance I reckon.

Thankyou my friends. God Bless America. :eek:
 
I'm deeply concerned about the next American President. I would feel a whole lot better if Obama had chosen Hillary as his Vice Pres. What a combo. The first Black American and the First Lady becoming the first Female Vice President. At least then we would have someone with experience in the WH.

It's hard to imagine that things could be any worse in America. They really have nothing going for them at the moment. I would hate to be there. The feeling of hopelessness must be rampant. Especially among intellectuals, who have some understanding of the full state of affairs there.

McCain is desperate.

Regards JO:)
 
is it just me or are all republicans hot headed, poor judging, desperate campaigners with their own agendas?

i'm sorry, but McCain's proposal is socialism, which is the first step towards communism.

It's like the dark side of the force - "once you start down the dark path - forever will it dominate your destiny". you can't pull back from the ever increasing "bail-out" situation.

the rockefellers, barclays and house of windsor must be laughing.....well, all the way to the bank...
 
GoAnna! said:
So Josko you don't think Biden has expereince? Hasn't he been in politics since early 1970's?
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You are right GoAnna,

I guess I would feel better - with a leader that has had little experience and a back up that has an Ex-President as a husband, running their country. But out of the two I think Obama is the better choice.

BlueCard, it does sound like Socialism. It is a ridiculous thing to say and Obama is cheering.

Regards JO:)
 
josko said:
I'm deeply concerned about the next American President. I would feel a whole lot better if Obama had chosen Hillary as his Vice Pres. What a combo. The first Black American and the First Lady becoming the first Female Vice President. At least then we would have someone with experience in the WH.

It's hard to imagine that things could be any worse in America. They really have nothing going for them at the moment. I would hate to be there. The feeling of hopelessness must be rampant. Especially among intellectuals, who have some understanding of the full state of affairs there.

McCain is desperate.

Regards JO:)
Click to expand...


The Republicans would be feeling this way, and of course; they don't want Obaman to win.

The Democrats are rubbing their hands together in anticipation of an Obama victory. They are full of hope that a new broom will sweep clean.
 
So poor Mr Hardworker's still paying a massive mortgage on a $400k house, while Mr Slack next door's paying a lower interest rate on a $200k home loan.
Click to expand...

Why does Mr Hardworker or Mr Slacker need a bail out?

He just hands his keys and his $500k mortgage back to the bank. Then he buys the house next door for $250K. Simple.

Mr Hadworker could even buy 2 houses since he can afford the payments and rent one to Mr Slacker (who cant afford he payments) and likely be cashflow +ve

Seriously....what stops this? Has this not dawned on anyone yet.

Sure it will stuff up the banks even more (which is why politicians are trying to come up with their own bail out) but neither Mr Hardworker or Mr Slacker give a rats @$$ about Mr Pinstripe.
 
Blue Card! said:
is it just me or are all republicans hot headed, poor judging, desperate campaigners with their own agendas?
Click to expand...

I can sum up the Republican mantra in one phrase: "I GOT MINE".

Not that this is entirely wrong, but that's how they tend to be.

Republicans are more in favour of free markets, survival of the richest (sorry; the fittest), look after yourself, corporate thinkers, business, ivy league schools and so on - the elite. Poorer folk can get stuffed.

Democrats tend to be more your conservationists, look after the poor - more likely to donate fortunes to hospitals and animal shelters etc, interested in making all schools good, new hospitals - the working class. Tend to resent the rich.

I don't know which ones Bill Gates, Warren Buffet, Oprah Winfrey and the like are, but the country needs about another 100 million of them, and less of those b@stards like that FULD @rsehole from Lehman Brothers.
 
They did a survey and the IQ of the average Republican voter was about 10 points lower than the IQ of the average Democratic voter.

Perhaps not surprising when you look at the demographic / social origins of the Republican rural vote.
 
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