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Slowtwitch Forums: Lavender Room:
McCain changes mind overnight on homeowner bailout

 

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jkca1

Oct 9, 08 7:31

Post #1 of 8 (234 views)
McCain changes mind overnight on homeowner bailout Can't Post

McCain's team made an overnight change in the homeowner bailout he proposed at Tuesday’s presidential debate, making it more "generous" to financial institutions and more costly for taxpayers. I guess he knows who is going to send him a campaign check and who isn't:

McCain's staff says it was always (bold mine) meant that way.


When McCain sprung his surprise idea at the start of the debate in Nashville, his campaign posted details online of his American Homeownership Resurgence Plan, which would direct the government to buy up bad home mortgages, allowing strapped people to keep their property.
The document posted and e-mailed by the McCain campaign on Tuesday night says at the end of its first full paragraph: “Lenders in these cases must recognize the loss that they’ve already suffered.”
So the government would buy the mortgages at a discounted rate, reflecting the declining value of the mortgage paper.
But when McCain reissued the document on Wednesday, that sentence was missing, to the dismay of many conservatives.


That would mean the U.S. would pay face value for the troubled documents, which was the main reason Sen. Barack Obama (D-Ill.) gave for opposing the plan.(bold mine)

A McCain campaign official explained the change: “That language was mistakenly included in the initial draft and it’s been corrected. It doesn’t reflect the intentions of the initiative, which necessitated the correction and the removal of the sentence. A simple mistake.”
Obama Campaign Economic Policy Director Jason Furman said in the campaign statement opposing McCain's plan: "John McCain wants the government to massively overpay for mortgages in a plan that would guarantee taxpayers lose money, and put them at risk of losing even more if home values don’t recover.

The biggest beneficiaries of this plan will be the same financial institutions that got us into this mess, some of whom even committed fraud."(bold mine)

The McCain campaign estimates in both documents that the plan would cost about $300 billion.(bold mine)


"No one is remembered for the Novel they almost wrote."


sphere

Oct 9, 08 7:36

Post #2 of 8 (225 views)
Re: McCain changes mind overnight on homeowner bailout [jkca1] [In reply to] Can't Post

Hammer, nails, Jello, wall...



"The nice part about being a pessimist is that you are constantly being either proven right or pleasantly surprised." - George F. Will


Amstel

Oct 9, 08 7:46

Post #3 of 8 (205 views)
Re: McCain changes mind overnight on homeowner bailout [jkca1] [In reply to] Can't Post

This guy is a train wreck. I can't believe the Republican party has become this pathetic.

Obama should save the rest of his campaign funds for the worlds largest victory celebration.

I voted for W both times and I must admit that was a mistake. I will not blindly follow these losers down the toilet any longer!


el fuser

Oct 9, 08 7:51

Post #4 of 8 (192 views)
Re: McCain changes mind overnight on homeowner bailout [Amstel] [In reply to] Can't Post


In Reply To

I voted for W both times and I must admit that was a mistake. I will not blindly follow these losers down the toilet any longer!

 
Well, the first one can be excused... I was kinda sucked in by W in his first campaign too.


el fuser

Oct 9, 08 7:53

Post #5 of 8 (186 views)
Re: McCain changes mind overnight on homeowner bailout [jkca1] [In reply to] Can't Post

Living up to his reputation as being erratic.

Scary part is this all seems to be crap that just pops into his head and he runs with it.

Across the board spending freeze? Not what you really want when the country is headed for recession or possibly depression.


Tridiot

Oct 9, 08 10:48

Post #6 of 8 (114 views)
Re: McCain changes mind overnight on homeowner bailout [jkca1] [In reply to] Can't Post

I thought Brad DeLong's take on this was pretty good:

Quote
Can't Anybody Play This Game? The McCain Campaign Defies Belief
You know, we have llike seen this before. On health care:
  • McCain started with a tax credit that was equal in aggregate to the additional tax he levied on employer-sponsored health benefits in the first year--in later years the credit became much smaller than the tax.
  • Then it was like ooops, that's not popular. We know--we never intended to subject employer-sponsored benefits to the FICA tax, only to the income tax.
  • Then it was like ooops, now we're scared that the plan is fiscally irresponsible and will raise the deficit. We know--we will cut Medicare!
  • Then it was like ooops, we have to carry Floria. We know--have Sarah Palin say that McCain will not cut but will protect your entitlements.

Can't anybody play this game? If we lose the election to these clowns, I am going to be really embarrassed. It seems as though nothing is competently staffed out--as if nobody in the McCain campaign cares about actually having policy proposals, but only about having something incoherent that an ignorant and lazy reporter can be deceived into thinking is a policy proposal.

  The rest is here http://delong.typepad.com/...cant-anybody-pl.html


SOUP!

Oct 9, 08 10:53

Post #7 of 8 (101 views)
Re: McCain changes mind overnight on homeowner bailout [Tridiot] [In reply to] Can't Post

mccain used to be something you could kind of respect. i was a bush fan in 2000, i liked my governor as a straight-talking kind of guy, but i also liked mccain but bought into the idea that a governor was better-equipped to handle the presidency than a senator

the mccain i liked in 2000 ain't the mccain i see in 2008. it's a whole different ballgame


Amstel

Oct 9, 08 11:04

Post #8 of 8 (93 views)
Re: McCain changes mind overnight on homeowner bailout [Tridiot] [In reply to] Can't Post

In McCain's speeches he keeps saying he will make those people who propose pork "famous". The same week he turns around and votes for a pork filled bailout without a peep. The guy is a total joke. He should just wave the white flag of surrender already.