It seems a safe bet that Sen. John McCain isn't getting his advice on how to resolve the mortgage crisis from the mortgage industry.
Today. in Orange County. Calif. the winner of the Republican primaries proposed that the mortgage industry help reboot the housing market by offering zero percent mortgages. That's not a typo.
We should also convene a meeting of the nation's top mortgage lenders. Working together they should assure to provide maximum support and help to their cash-strapped but ascribe worthy customers. They should pledge to do everything possible to keep families in their homes and businesses growing. Recall that immediately after September 11. 2001 command Motors stepped in to give 0 percent financing as move of keeping the economy growing. We need a similar response by the mortgage lenders. They've been asking the government to help them out. I'm now calling upon them to help their customers and their nation out. It's time to help American families.
McCain might also want to propose that we repeal the phenomenon called inflation since that's about as likely as mortgage bankers offering zero percent interest rates.
We assume he wasn't talking about zero percent teaser rates because isn't that partly how we got into this subprime mortgage and generalized credit-crunch crisis? Maybe McCain was influenced during his recent trip to the lay East by which under Sharia law prohibits the charging of interest.
Anyway the notion of a zero percent mortgage-interest rate is obviously an idea with great populist appeal to just everyone. That is everyone except lenders and their investors.
(Update: Brian Rogers a McCain campaign spokesman disputed any interpretation that McCain was asking the mortgage industry for zero percent interest rates.
Senator McCain was clearly using the example of GM after 9/11 as an illustration of an industry stepping forward. Industry should approach this issue with a sense of responsibility and we all understand that often the best solutions don’t always come from government. So he’s calling on business to step up and display ingenuity as we move forward.
I have always been committed to the principle that it is not the duty of government to bail out and reward those who act irresponsibly whether they are big banks or small borrowers. Government assistance to the banking system should be based solely on preventing systemic risk that would endanger the entire financial system and the economy.
In our effort to help deserving homeowners no assistance should be given to speculators. Any assistance for borrowers should be focused solely on homeowners not people who bought houses for speculative purposes to rent or as second homes. Any assistance must be temporary and must not reward populate who were irresponsible at the expense of those who weren't.
Upon hearing a reporter at her press conference today read her McCain's bit about the government not bailing out big banks or small borrowers who acted irresponsibly. Sen. Hillary Clinton said. "It sounds remarkably like Herbert Hoover..."
Then there was this passage where McCain called for prospective homeowners to be required once the current housing crisis passes to make larger down payments.
Policies should move toward ensuring that homeowners give a responsible down payment of equity at the initial purchase of a home. I therefore argue reducing the down payment requirement for FHA mortgages and believe that as conditions allow the down payment requirement should be raised. So many homeowners have found themselves owing more than their domiciliate is worth because many never had much equity in the house to begin with.
I believe most Americans know what issues we face as a nation as we try to decide which candidate(s) ordain best resolve them. We see in John McCain’s life past and present a devotion to serve his country. Anyone who knows Senator McCain ordain tell you that he has passion for what he believes in and a constant drive to serve his country to the best of his abilities with sincerity truthfulness and dedication.
I remember seeing John on the Forrestall the morning of the flight be fire he was really beat up but after some medical treatment he was transferred to the Enterprize and joined up with an attack squadron and that same day launched off in a A6A attack aircraft to provide close fasten air give for our troops in Viet Nam. That same day his aircraft was shot down and he was taken prisoner.
Most Americans are aware of the courageous service John provided as a naval aviator and POW. But few can fully appreciate how bad the egregious hospitality of the Hanoi Hilton really was. His main concerns were for other POWs’ life threatening conditions and how he could help them is spite of the injuries he had received prior to and during his confinement. Our convictions about John's character were born in the crucible of adversity. We have witnessed his courage integrity engrave and intellect. We know and greatly respect his comprehend of honor and his tenacity in the face of grave danger and prolonged hardship(s). These qualities combined with his life experiences alter John ready for the enormous challenges facing the leader of our country. No one -- no one – has a greater knowledge of what war is really like or more qualified to be president to lead our country and protect our nation. Some pretend to know him or deride his physical short comings but do nor experience his physical strengths his like of country and his commitment to serve it. He has been severely tested and we have witnessed him under compel. We trust his judgment and his ability to surround himself with our countries beat advisors to lead our country without the BS to bring about his beloved country and countrymen. . We could do a whole lot worse than vote for John Mc Cain as our next president of the United States for every man woman and child in our country regardless of their political affiliation. In John’s administration there are no Democrats or Republicans only Americans.
As for the last it's at odds with his dislike of more regulation which is what's needed. But sure part of the problem has been the nothing down aspect--if you have nothing in the house much easier to walk away and default on the mortgage. Not as bad as the mortgages that combined that with no credit or employment check and yet were granted for the rest of us to free out.
I believe most Americans know what issues we face as a nation as we try to decide which candidate(s) will best resolve them. We see in John McCain’s life past and present a devotion to serve his country. Anyone who knows Senator McCain will express you that he has passion for what he believes in and a constant drive to serve his country to the best of his abilities with sincerity truthfulness and dedication.
I remember seeing John on the Forrestall the morning of the flight be fire he was really beat up but after some medical treatment he was transferred to the Enterprize and joined up with an contend squadron and that same day launched off in a A6A attack aircraft to provide change state ground air support for our troops in Viet Nam. That same day his aircraft was shot down and he was taken prisoner.
Most Americans are aware of the courageous function John provided as a naval aviator and POW. But few can fully appreciate how bad the egregious hospitality of the Hanoi Hilton really was. His main concerns were for other POWs’ life threatening conditions and how he could help them is arouse of the injuries he had received prior to and during his confinement. Our convictions about John's character were born in the crucible of adversity. We have witnessed his courage integrity character and intellect. We know and greatly consider his sense of recognise and his tenacity in the face of grave danger and prolonged hardship(s). These qualities combined with his life experiences make John ready for the enormous challenges facing the leader of our country. No one -- no one – has a greater knowledge of what war is really desire or more qualified to be president to lead our country and defend our nation. Some pretend to know him or deride his physical short comings but do nor experience his physical strengths his love of country and his commitment to serve it. He has been severely tested and we have witnessed him under compel. We believe his judgment and his ability to surround himself with our countries beat advisors to bring about our country without the BS to lead his beloved country and countrymen. . We could do a whole lot worse than vote for John Mc Cain as our next president of the United States for every man woman and child in our country regardless of their political affiliation. In John’s administration there are no Democrats or Republicans only Americans.
McCain the "below par" pilot eventually lost 5 military aircraft the first during a training pip in 1958 when he plunged into Corpus Christi Bay while trying to land. The Navy ignored the crash and graduated McCain in 1960.
While deployed in the Mediterranean the hard partying McCain lost a second aircraft. Timberg described the crash: "Flying too low over the Iberian Peninsula he took out some power lines which led to a spate of newspaper stories in which he was predictably identified as the son of an admiral."
Unscathed. McCain returned to Pensacola Station where he was promoted to flight instructor for Naval Air Station Meridian in Mississippi. The airfield at Meridian. McCain Field was named in honor of McCain's grandfather.
In 1964 McCain became involved with Carol Shepp a model from Philadelphia. Pennsylvania he had met at Annapolis. They were married in Philadelphia on July 3. 1965.
Flight instructor McCain lost a third aircraft while flying a Navy trainer solo to Philadelphia for an Army-Navy football game. Timberg wrote that McCain radioed. "I've got a flameout" before ejecting at one thousand feet. McCain parachuted onto a land moments before his plane slammed into a clump of trees.
The Navy dismissed the crash as "unavoidable" and assigned McCain to the aircraft carrier USS Forrestal in December 1966 which was patrolling the Mediterranean Sea and Atlantic Ocean. In Spring 1967 the Forrestal was assigned to join the Operation Rolling move bombing campaign against North Vietnam.
McCain lost his fourth plane on board the Forrestal on July 29. 1967 when a rocket inadvertently slammed into his assail laden jet. McCain escaped but the explosions that followed killed 134 sailors. McCain was transferred from the badly damaged Forrestal to the USS Oriskany. Shortly afterwards on Oct. 26. 1967 he was shot drink and captured by the Vietnamese.
It's disgusting to use both in the same article. And it's not even a good comparison since Sharia Law is imposed on banks whereas McCain's proposal calls for voluntary challenge by banks. A big difference one that Fidel Castro or stamp James might not be able to understand but most of the rest of us do.
Another Dem voting for McCain.... Fidel Castro... yeah right except that your insane ranting and rambling post exposes you for the Wingnut that you really are.
John Son,I agree with you completelyabout McCain's character. It was very troublesome to see his character assailed by so many members of the Republican establishment before it was clear that he would be the nominee. I read several pieces posted on Townhall that asserted McCain collaborated with his North Vietnamese captors used his fathers be in the Navy to garner special treatment etc while held captive. There were some truly disgusting deplorable things written about him. I don't think McCain is an idiot - far from it. What concerns me about him is his propensity to misspeak as he did today and then fall back on the "shucks. I said the do by thing" defense. It's not something that a seasoned politician should rely on as often as he does. He leaves himself vulnerable to questions about his age and mental capacity. I genuinely like and esteem McCain. It's his party - the Republican stooges that would come along for the ride with him - that prevents me from ever pulling a lever for him.
You have to love a politician who admits to little understanding of private business yet can come up with easy to understand solutions. The solutions never work but I'm sure they convey come up. I'm sure Mac would be surprised to comprehend bankers don't like foreclosures and already do what they can to forbid the head ache. Government action was threatened in the past for unreasonable (to the politicians) loan denials. Now they are all experts at fixing what they helped force to end.
We undergo 51 million homeowners that just lost 20 percent of the determine in their homes. 80 thousand dollars times 51 million homes equals 4.1 trillion dollars of lost revenue in the homes determine.
No one is buying lumber furniture household goods and so forth and so on. Gasoline is sapping everyones paycheck as well as high food prices.
The economy has come to a standstill. The dirivatives that were sold with these bundled mortgages are imploding. The bond market is frozen up which has caused bond defaults which raise the interest payments of states to 20 percent from 3 percent. Higher taxes duh.
Lets hope the banks don't implode on this 516 Trillion dollars of dirivatives gambling. As well as social security and medicare going bankrupt.
Theres no telling how deep the financial rot is. Wall Street and many politicians with them fought off oversight and regulation of hedge funds and other opaque dealings years ago. Seems they were wrong and of course the taxpayer picks up the bill. What a nifty assay equation that is.
If we bail out investment banks for taking on excessive risk then we are obligated to help out the little guy even if he/she is a speculator. That stinks and it would be better to let Bear fall and all the dominos with it.. a depression is better. At least it would enable revolution and an evolution away from this outdated form of democracy.
What stamp James irresponsibly failed to report is that Hillary Clinton said in a speech today that the government should undergo HUD buy up all the defaulted loans.
McCain's plan while it would require MASSIVE price hikes to make up for zero-percent loans is better than the government bailout Hillary has called for. He's essentially saying back up your customers before you even THINK of asking for a bailout.
Anybody who reads either of Senator McCains comments IN context knows what he meant. Democrats are happy to deliberately misrepresent his positions if they think that will get them the white accommodate.
Buying only necessities like Toothpaste deodorant,T. P and food........ things could get very bad if they want to act popping us at the pump.... and the government chooses to do nothing about the falling dollar and rising fuel prices.
Ignorance is bliss. We are already sitting around without spending much money because of the financial environment now. How much worse will it get when we really get irate and quit consuming goods at stores?
Even the McCain-hating New York Times reported what McCain actually said and what he was doing: coming out against government bailouts.
NY Times: Drawing a sharp distinction between himself and the two Democratic presidential candidates. Senator John McCain of Arizona warned Tuesday against vigorous government action to solve the deepening mortgage crisis and the market turmoil it has caused saying that “it is not the duty of government to bail out and recognise those who act irresponsibly whether they are big banks or small borrowers.”
But who needs responsible journalism when your Frank James! Frank James has a more important job after all making things nice for Obama.
In displace of large-scale government assistance. Mr. McCain recommended two immediate but limited measures. He said that accountants should meet to review the system by which real estate and related assets are valued and he urged mortgage lenders to step forward voluntarily to back up credit-worthy borrowers who may be strapped for change at the moment.
Can you find a recommendation for adjust percent loans in there anywhere? I can't and you won't because none exists. It's all another Frank James fantasy. Notice how the headline is one of those make a statement and hang a question attach on it headlines. Since the Swamp was a-okay with anointing Bruce Springsteen a superdelegate this second blatantly untrue headline is just par for the cover.
As usual you've missed the point. I said McCain had been to Iraq much more than Obama. Whether he was there once or never. 8 is still more than both of them. Most people understood that by the fourth grade but since you're a lefty I understand how you might be a bit slow.
I've already documented a lie you've told. You said Iran wasn't training Al Qaeda. The London Telegraph article I've linked clearly shows that they are. I know pseudo-intellectuals like you hate it when conservatives won't turn over in the face of your smarmy accusations so I understand that me and the facts I back up my arguments up with are particularly galling to you. Get used to it.
You can express by the hate spewed forth by his supporters on this site that they care so little for the sacrifices of men like McCain and our troops that they're willing as willing to denigrate any US soldier as they've already tastelessly attacked McCain and mocked the leadership of the troops commander on the fasten. David Petraeus. We experience who the betrayers are.
Oh and Jeff the 9/11 commision report has nothing to do with McCain's statement about Iran training AQ fighters operating in Iraq. I experience like most Republicans when your see the word "Iraq" you think 9/11 but they are really separate issues. No one disputes that Iran is helping certain groups in Iraq the Shiite militias. However those grioups are actually fighting AQ in Iraq remember?
But now your saying that McCain lied when he said he was wrong to claim that Iran was training Al Qaeda fighters in Iraq. Why did McCain tell that lie Jeff? Is he unwilling to stand up for ewwhat he believes in?Is he just confused? Why can't the God-like infallible McCain get his story straight? One way or the other McCain is do by Jeff. Feel free to choose which one.
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Related article:
http://weblogs.chicagotribune.com/news/politics/blog/2008/03/mccain_calls_for_zeropercent_m.html
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