OK…so there’s always been this theory that there are many different planes of existence along the space time continuum. I now know this to be a fact!
What’s that? How do I know? Well…I’ve lived all my life in a world where the Democrat Party was the party of government expansion and socialist engineering of everything from our social lives to the economy. In that other plane of existence it was the Republican Party that is the party of limited government. It’s the Republican Party that opposes big government solutions for every social and economic ill.
Well, now I’m on a totally different plane. In the debates the other night, John Sydney McCain came out in favor of the Federal Government coming in and buying up homeowner mortgages, renegotiating the terms of the mortgage and selling the homes back to the mortgage holder at the lower property value that exists in that Market. As a commercial Real Estate agent…I can tell you what a nut brained idea that really is. Let’s say the property values in a certain price range have fallen say 5% in value…You’re a homeowner who has done every thing right…you’ve paid your bills you didn’t over extend on your mortgage…you’ve been investing in your home and you’ve built up equity in this home. As things are…if nothing is done…in the short term, you will lose 5% of your equity and all will be well in a few short years after the market’s have sorted themselves out. Then let’s suppose the neighbors on either side of you are in danger of being foreclosed…so after the “Republican” candidate passes this idiocy, these neighbors go to the government and ask this new agency to bail them out and renegotiate their mortgage. So…along comes Billy Bureaucrat riding in on his white horse to save the day. Billy Bureaucrat does a study on the neighborhood and decides the market in your neighborhood hasn’t fallen 5%…but has actually fallen 20%…Now…as I understand this…Billy Bureaucrat turns in a report and the government buys up the mortgages of your irresponsible neighbors. Then these homes are sold back to your neighbors at the new value…of course these mortgages are closed as any other sale is closed and the new bank liens are recorded with the appraisals and mortgage liens included. Guess what that does for the comparable sales of the homes in that neighborhood? Guess what just happened to the equity in your home…instead of the market sorting this out…and you losing 5% of the equity in your home…now you lose an additional 15% equity!
In this new plane of existence, it is Barack Obama, the Democrat candidate that opposes this socialist scheme! It is the Democrat that is taking the conservative position in this foolishness. In the old plane of existence, Obama is known as the most liberal Senator in the United States Senate. He is the Golden Child, The One, The Messiah to all those Socailist/Communist left wing fanatics who live to increase government intervention in our markets. In the other plane of existence, Barry, (as he’s derisively called by the Republican Party) is the candidate of the left.
Well…here I am…in the new plane…McCain is for this crazy scheme, and Barry is against it. In this plane, the Democrat politician is taking the most popular, (conservative) position in the polls against this scheme…and it is the Republican candidate that is pushing for a socialist takeover of the mortgage market against the will of the American electorate according to all the polls on this subject. It is John Sydney McCain who want’s to put the Washington Bureaucracy in charge of choosing winners and losers in the real estate market!
You know what…maybe in this plane of existence, Congressman James Trafficant is still in the Congress in stead of cooling his heels in the federal pen…In that case…”BEAM ME UP SCOTTY!”.
Neil Stevens
Steve Maley
Yep, his statement on Tuesday
ekevlar11 (Diary) Thursday, October 9th at 5:34PM EST (link)Floored me…
But then I thought about it and realized once again that he is trying to take a more moderate, centrist approach. He was behind the plan and has to stillb e behind the plan. We need more facts on what he wants to do – it sounded to me that he wanted to take 300 of the 700 billion to do this stuff.
Remember that he was chosen in the primary, not for his principled conservative stands, but for his more moderate stands (and running a better campaign).
Give me a win in the war, a win in SCOTUS, an end to pork barrel (and limitation to entitlements, please) someone with character and I’ll be happy.
My 80% friend is not my 20% enemy.
Erik
He is is he crashes the value of your home and destroys your equity!
AceInTX (Diary) Thursday, October 9th at 6:05PM EST (link)nt
obama issued a statement the next day
Mike gamecock DeVine (Diary) Thursday, October 9th at 9:52PM EST (link)taking a more nuanced, i.e socialist position
Mike DeVine’s Examiner.com, Charlotte Observer and The Minority Report columns
“One man with courage makes a majority.” – Andrew Jackson
McCains Statement Itself Exists Within Alternative Planes
billcurtiss (Diary) Thursday, October 9th at 10:37PM EST (link)First, this is a very insightful observation, cleverly presented.
I would observe that McCain’s proposal itself exists in two separate planes – a pre-election political plane and a post election policy plane.
Just because the Congress passed that $850 billion bailout doesn’t mean the problem is solved. In fact, the problems, particularly if Lord Barack is elected, are really just beginning. One of these guys is going to appoint a VERY powerful Secretary of Treasury with an American Express Platinum Card minted by God himself. One question these candidates need to answer is how all that cash is going to be spent.
McCain’s proposal for buying foreclosed mortgages is an excellent answer within the political plane in that it provides Joe Sixpack with an assurance that all of the $850 billion won’t be used to bailout “greedy Wall Street bankers.” It answers Obama attacks that McCain has no empathy for the little guy.
But now let’s say that McCain wins. In this case he is going to have to follow through on his promise. (Afterall, it is the Straight Talk Express, right?) It is here that you would expect (perhaps hope and pray is a better phrase?) that McCain’s Treasury Secretary will have the good sense to consult with realtors in developing the details of this program.
Let me ask you this: Who do you trust more with this enormous arbitrary spending power – a moderate Republican who is open to hearing from representatives of the real estate industry? – or a closet Socialist whose support organization, ACORN, would just as soon use the money to buy homes in strategic Congressional Districts, give them to reliable “Party” members, and thereby create a permanent Democrat majority in Congress?
McCains Statement Itself Exists Within Alternative Planes
billcurtiss (Diary) Thursday, October 9th at 10:40PM EST (link)First, this is a very insightful observation, cleverly presented.
I would observe that McCain’s proposal itself exists in two separate planes – a pre-election political plane and a post election policy plane.
Just because the Congress passed that $850 billion bailout doesn’t mean the problem is solved. In fact, the problems, particularly if Lord Barack is elected, are really just beginning. One of these guys is going to appoint a VERY powerful Secretary of Treasury with an American Express Platinum Card minted by God himself. One question these candidates need to answer is how all that cash is going to be spent.
McCain’s proposal for buying foreclosed mortgages is an excellent answer within the political plane in that it provides Joe Sixpack with an assurance that all of the $850 billion won’t be used to bailout “greedy Wall Street bankers.” It answers Obama attacks that McCain has no empathy for the little guy.
But now let’s say that McCain wins. In this case he is going to have to follow through on his promise. (Afterall, it is the Straight Talk Express, right?) It is here that you would expect (perhaps hope and pray is a better phrase?) that McCain’s Treasury Secretary will have the good sense to consult with realtors in developing the details of this program.
Let me ask you this: Who do you trust more with this enormous arbitrary spending power – a moderate Republican who is open to hearing from representatives of the real estate industry? – or a closet Socialist whose support organization, ACORN, would just as soon use the money to buy homes in strategic Congressional Districts, give them to reliable “Party” members, and thereby create a permanent Democrat majority in Congress?
Good points and possibly so...
AceInTX (Diary) Friday, October 10th at 10:45AM EST (link)but the idea that the government would be in a position to set market prices and pick winners and losers when the only investment some people have is the equity in their home is so horrific a prospect for me…and it’s made even more horrific when considering the fact that it is a Republican Candidate for POTUS that is proposing and promising to implement such a scheme.
The more I watch this…the more I’m coming to the attitude where there is no difference between McCain and Obama where economic conservatism is concerned.
He has my vote because of Judges and social issues…but aside from that I’m voting for the Republican for on reason only…”JUST PALIN”
I haven't heard his later statement and will look it up.
AceInTX (Diary) Friday, October 10th at 10:47AM EST (link)As of the time of my writing Obama had the more conservative position…though it was indeed socialist in nature…
oxymorons and morons - actually, McCain always had the better position
Mike gamecock DeVine (Diary) Friday, October 10th at 12:26PM EST (link)and am going to update my regulators blog to say so
mccain’s criteria for re-fi requires that borrower have made a DOWN PAYMENT and two other things that GREATLY limit its scope
I still oppose it, but it is not as onerous as he spelled it out on TV.
Mike DeVine’s Examiner.com, Charlotte Observer and The Minority Report columns
“One man with courage makes a majority.” – Andrew Jackson
I look forward to reading your analysis...
AceInTX (Diary) Friday, October 10th at 2:54PM EST (link)If what you say is true…we have another case of McCain not being able to sell his own ideas without screwing the pooch…
Go figure!
you just read the analysis
Mike gamecock DeVine (Diary) Friday, October 10th at 5:53PM EST (link)I’m not working any more on this. I read it. I saw it. I tell the truth. Take my word for it don’t worry, and be happy.
Go to my regulators blog. I might find the link just for you later this weekend.
tonight is mlb
saturday is college fotball
sunday: God and that NFL
Mike DeVine’s Examiner.com, Charlotte Observer and The Minority Report columns
“One man with courage makes a majority.” – Andrew Jackson
Ace, I just got off the phone with GC
pilgrim (Diary) Friday, October 10th at 6:20PM EST (link)He wanted me to let you know that he will provide a link for you later on. His back aches, and he wants to watch the Phillies v Dodgers in bed for awhile before he sits in a chair at his computer.
gamecock behaves with more info-link
Mike gamecock DeVine (Diary) Friday, October 10th at 7:36PM EST (link)http://online.wsj.com/article/SB122348741340115965.html
McCain’s plan has its limits: Relief would be available only for borrowers who live in the home that secures the loan and who can “prove their creditworthiness at the time of the original loan,” which would include having made a down payment.
more detail later
Mike DeVine’s Examiner.com, Charlotte Observer and The Minority Report columns
“One man with courage makes a majority.” – Andrew Jackson
Ace, GC says McCain underwater mtg re-fi plan not as bad as Obama
Mike gamecock DeVine (Diary) Friday, October 10th at 9:53PM EST (link)Ace, I hate to break this to you:
OBAMA IS AN OUT AND OUT LYING SOCIALIST
Its October Ace. Time to keep Obama out of the White House. Period.
agreed?
now here is the rest of the info
McCain is responding to a crisis:
The statement on the McCain Web site fills in some other details: It says the plan would buy mortgages directly from homeowners and mortgage servicers and replace them with “manageable, fixed-rate mortgages.” That help would be available to mortgage holders who live in the home as a primary residence, who can prove they didn’t fake their qualifications for the loan, and who provided a down payment. The statement also indicates McCain believes the purchases can be made quickly as a result of the authority given the Treasury Secretary in various pieces of legislation.
http://www.businessweek.com/bwdaily/dnflash/content/oct2008/db2008108106465page_2.htm
Mike DeVine’s Examiner.com, Charlotte Observer and The Minority Report columns
“One man with courage makes a majority.” – Andrew Jackson
agreed - good points - nt
Mike gamecock DeVine (Diary) Friday, October 10th at 10:14PM EST (link)5
Mike DeVine’s Examiner.com, Charlotte Observer and The Minority Report columns
“One man with courage makes a majority.” – Andrew Jackson
Yeah..the red river shootout is this week
AceInTX (Diary) Friday, October 10th at 11:39PM EST (link)Hookem Horns!!!
GC,..I don't doubt you...I'm talking about what McCain said
AceInTX (Diary) Friday, October 10th at 11:46PM EST (link)whether he corrected it later in some obscure statement later…the perception is based on what he said…and as I heard it…we’re talking about a scheme where government bureaucrats are going to be setting prices on homes which opens the door for no end of corruption and endangers housing values because by selling mortgages back at a decreased price will cause comparable sales to plumet and drive down housing values…it’s a recipe for disaster…If McCain meant something more than what I just described he needs to get out there and clarify because the perception is what I just described…and in elections…perceptions are reality.
The crazy thing about this is that polls show an overwhelmingly negative reaction to his proposal on this…and Obama comes out looking like the conservative by rejecting a proposal by McCain that is perceived to be a socialist price control scheme.
Fair enough GC...
AceInTX (Diary) Friday, October 10th at 11:57PM EST (link)Thanks for the links and info…as I say…I don’t doubt what you are saying is true…and I expect that McCain meant something other than what he said…but again…perception is reality this late in the game…and he’s left some bad perceptions out there to be dealt with.