10/08/2008

Debate Fall Out: Lots of ideological Conservatives screaming their asses off over McCain's intention to support housing prices. As usual they are full of shit. His proposal is to support mortgage payments or prices. Again, home prices MUST be stabilized, they represent 75% of the net worth of the USA. What Malkin and the rest would do is wipe out the entire home ownership class of the USA. And then???? This is the most serious financial situation in my lifetime, and most likely yours as well. Difference between now and 1932? We know what can happen and we have tools and experience to deal with this.....maybe. Remember this is NOT like 1929, this is a different country. However Chris Cox is still at SEC and that asshole will NOT repeal the shorting rule because he hasn't a clue and Cox is the worst possible person for the job right now. And Bush? This from his Wonderfulness back in '04

"One other thing I've done, is I've called on private sector mortgage banks and banks to be more aggressive about lending money to first-time home buyers. And the response has been really good. There's a lot of people in this -- our communities around the country that deeply care about the issue of homeownership, and they've been responsive."
This was a cheap shot; taking a speech out of context before reading it. An emailer directed me to my own link and I read the speech and the occasion. It was a part of a tribute to home builders, carpenters, and some business owners in AZ and was a blow for decency. A salute to some volunteers who help people who cannot read well to understand contracts and so on. Beat me, hurt me, make me write bad checks.

3 comments:

Xiaoding said...

House prices CANNOT, repeat, CANNOT, be "stabilized", if that means keeping them at inflated, bubble prices.

They WILL be stabilized, WHEN THEY REACH THE VALUE OF THEIR TRUE WORTH. Which is, THREE TIMES THE VALUE OF THE AVERAGE INCOME IN ANY GIVEN AREA.

Any attempts to prop up the insane price levels of today will only prolong and deepen the crisis.

Anonymous said...

McCain's comments about reworking mortgages is also in the text of the rescue bill.

I think this will make the problem worse. Everybody is going to want a redo on their mortgage. Where does it end?

Bush could not rein in this reckless lending without being called a racist. As proof look at what is happening to anyone pointing out how we got here? They are showing how lending standards were eroded by government fiat and are then are accused of hating minorities. We hate stupid policy not ethnic groups.

Rick

Roux said...

Just heard on the radio that the sheriff in Cook Country (Chicago) will order deputies to stop serving eviction notices to those who fall behind on their mortgage payments.

Great, just great....sheesh