The US government would snap up 300 billion dollars of bad home loans, Republican John McCain vowed Tuesday unveiling a new plan to help struggling homeowners if he is elected 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 told the second of three presidential debates with Democratic rival Barack Obama.
“Is it expensive? Yes,” he said. “But we all know, my friends, that until we stabilize home values in America, we’re never going to start turning around and creating jobs and fixing our economy.
What a moron. And this is my party’s nominee? Where the HELL are small-government Republicans to denounce this?
Looks like Michelle Malkin is on it.
If someone can’t pay their mortgage, it’s because they aren’t fulfilling their financial obligations, and NO amount of sappy pathos is going to make this any better. Where does that $300 billion come from, if John McCain is going to be a “tax-cutter?”
Source: orato.com
Haven’t we been hearing about grand schemes like these from socialist Democrats for years and years? Isn’t this the kind of thing that Republicans shy away from? Where HAS our party gone?
I know I’m asking more questions than answers, because John McCain makes me question a lot of things and answers very little. Except, he does answer a lingering question in my mind about where the Republican Party is going if we continue down his moderate yellow brick road: down the toilet.
I wonder if the American people ever want to hear a politician talking about responsibility, and not just promising more and more monopoly money to be distributed out all over the place? Frank Luntz seems to get it:
