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Let me get this correct:

You buy a house that you can not afford. Maybe plow a bunch of other debt into it with a home equity loan. You over pay for the house because housing prices always go up, right? Your $400,000 house is now worth $200,000, you can't pay, and can't sell.

McCain is now proposing for you and I to buy the mortgage, and give you a new one at $200,000, and eat the $200,000 loss.


Is that a correct reading of his proposal?

link?

From the debate last night

http://www.latimes.com/news/nationworld ... 4527.story

Bill Burton, a spokesman for the Obama campaign, said the idea was not a new one and noted that the Illinois senator had raised it. On Oct. 1, in a news release, Obama said he intended to "encourage Treasury to study the option of buying individual mortgages like we did successfully in the 1930s."

dbackjon wrote:From the debate last night

http://www.latimes.com/news/nationworld ... 4527.story

Yes, Jon, but there is a fundamental difference between the two......regulation, per se, IS bad, but if proposed by a desperate Reublican in a presidential campaign, then it is good...a needed market adjustment and an example of Compassionate Conservatism......hope that clears it up for you.....just remember - Obama Bailout = Socialism....McCain Bailout = Compassionate Conservatism....

Appaholic wrote:

dbackjon wrote:From the debate last night

http://www.latimes.com/news/nationworld ... 4527.story

Yes, Jon, but there is a fundamental difference between the two......regulation, per se, IS bad, but if proposed by a desperate Reublican in a presidential campaign, then it is good...a needed market adjustment and an example of Compassionate Conservatism......hope that clears it up for you.....just remember - Obama Bailout = Socialism....McCain Bailout = Compassionate Conservatism....

Thank you for articulating the difference.

Seriously, politics aside - what do you think about this?


Personally, I hate it.

dbackjon wrote:Seriously, politics aside - what do you think about this?


Personally, I hate it.

I hate ALL of the buyout/bailout/market saving attempts. Let the fvckers fail and let the chips fall where they may. Shoulda let Chrysler fail 30 years ago, shoulda let Lehman Brothers fail last month.

AZGrizFan wrote:

dbackjon wrote:Seriously, politics aside - what do you think about this?


Personally, I hate it.

I hate ALL of the buyout/bailout/market saving attempts. Let the fvckers fail and let the chips fall where they may. Shoulda let Chrysler fail 30 years ago, shoulda let Lehman Brothers fail last month.

Agreed. Rewarding bad behavior.

Will these buyouts include guarantees that if the home price goes up, the government get the profit?

Probably not, but it should.

dbackjon wrote:

AZGrizFan wrote: I hate ALL of the buyout/bailout/market saving attempts. Let the fvckers fail and let the chips fall where they may. Shoulda let Chrysler fail 30 years ago, shoulda let Lehman Brothers fail last month.

Agreed. Rewarding bad behavior.

Will these buyouts include guarantees that if the home price goes up, the government get the profit?

Probably not, but it should.

Whether the buyout is a donk plan or a conk plan, they're still socialism, NOT free-market economics.

Holy sh!t...we all agree....these buyouts go against the grain of all we have been taught to believe in.....heard a pundit say these bailouts are needed to maintain our American Way of Life....if a Federal Buyout is the only way we can maintain our way of life, then we have already lost it or it was a mirage to begin with......

Appaholic wrote:Holy sh!t...we all agree....these buyouts go against the grain of all we have been taught to believe in.....heard a pundit say these bailouts are needed to maintain our American Way of Life....if a Federal Buyout is the only way we can maintain our way of life, then we have already lost it or it was a mirage to begin with......

Yup. we have lost a lot of the American Value system. Too bad too many on the right confuse things like gay marriage as a threat to it, when it is really our instant gratification, no risk/reward mentality that are the problem.

dbackjon wrote:

Appaholic wrote:Holy sh!t...we all agree....these buyouts go against the grain of all we have been taught to believe in.....heard a pundit say these bailouts are needed to maintain our American Way of Life....if a Federal Buyout is the only way we can maintain our way of life, then we have already lost it or it was a mirage to begin with......

Yup. we have lost a lot of the American Value system. Too bad too many on the right confuse things like gay marriage as a threat to it, when it is really our instant gratification, no risk/reward mentality that are the problem.

But not me, right honey?

AZGrizFan wrote:

dbackjon wrote: Yup. we have lost a lot of the American Value system. Too bad too many on the right confuse things like gay marriage as a threat to it, when it is really our instant gratification, no risk/reward mentality that are the problem.

But not me, right honey?

Yup, but you are more to the center than the right, anyways...