Webloggin » Insipidly Stupid Proposals

Update: I don’t really give a crap what Barack Obama has to say in this or any other debate. Nothing could ever get me to vote for a guy that is so low in character, so lacking in judgment and so deceitful that he could start his career from and continue to associate with terrorists without batting an eye. He did this for years. A yes man for radicals, trained, bought and paid for by leftists, radicals, communists and racists that hate the country that I love.

But it saddens me to see John McCain and his handlers pander to the left in an effort to get votes. Never forget that John McCain joined voted along side Barack Obama for the handout despite the massive amount of pork in it; the very sort of pork that he says he will eliminate. I guess he will start tomorrow, wink, wink.

He still doesn’t get it, and that is scary. We will never fix this country government if people like Barack Obama and John McCain are the best choices the 2 major parties have to offer. I’d fire all their asses and put others in jail. This country deserves better.

Somehow John McCain made the leap from protecting home values to “renegotiate home loans”.

“We’re going to have to do something about home values…for retirees…I would order Treasury Secretary to renegotiate home loans.”

The word that comes to mind here is ass.

What do you think will happen when the government goes on a massive mission to “renegotiate home loans”; i.e. lower the principle on on the amount owed in subprime mortgages?

I’ll tell you, it will lower the value of everyone’s home. Rather than do something commonsensical like lowering the interest rate, extending the contract out or renegotiating the ARM [to fixed] so that people that are credit worthy can start paying their loans back this moron wants to lower the value of the home. The net result is that everyone that has an equity stake in a house will lose values in their homes! Sure, home values are decreasing naturally as demand weakens but this is not a market reaction, it is the government intervention.

Thanks for the pandering ACORN solution Mr. McCain. Nice to see you can join Obama’s bandwagon.

Update II: There is one way here that may work, and it is already in place concerning Bank of America and Countrywide. They are planning to renegotiate the principle of the loan to reflect the current market value of the home. If McCain is talking about a 1 time renegotiation on that basis without the government coming in and renegotiating the principle based on some ACORN like formula that is pro-rated on say a credit status or minority standing then it would not artificially bring home values down.

My fear is that the government will do just that. Look at a house that is worth $200,000 and say the loan must be adjusted to $125,000. That would be a catastrophe and is a government solution similar to what got us into the trouble we are in today.

God help us.

Update III: The McCain campaign just clarified part of the McCain plain saying they would change ARM’s to fixed. Good idea. No info on what they would do to the principle.

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