McCain/Obama Blows It On Mortgage Buyouts
Written by Rick
I watched the debate. I heard McCain say it. I didn’t believe what I heard. I thought I must have misunderstood. I watched Obama’s speech. I heard him criticise the plan McCain proposed at the debate. I wondered, what’s wrong with this picture?
All through the bailout taboo we heard about how either party was not going to allow any bailout without protections for taxpayers and relief for homeowners who were facing foreclosure.
When the bill was finally approved, we heard over and over about how those protections were in the bill. How 300 billion of that money was to be used to “rescue” homeowners taken in by the subprime fiasco and now facing foreclosure.
Then comes Tuesdays debate and McCain claiming “I am proposing” a bill to provide up to 300 billion to aide homeowners facing foreclosure.
Huh? Didn’t they say that was in the 700 Billion Dollar bailout?
“…the authority to do this was in the plan all along. It’s not an additional $300 billion — it’s using $300 billion of the $700 billion already authorized to hit more directly on mortgages rather than rescuing investors from their derivatives. It transfers at least some of the pain back to the people who speculated on mortgages, but in effect gives the derivatives more value through the support of the mortgages on which they’re based.” ( Hotair )
McCain either didn’t read the plan or is getting senile. But even worse, he voted for it and didn’t know about.
And what about Obama? He has jumped all over this. But not over McCains gaffe. He’s been criticising McCains plan to buy back mortgages. Talking about how wrong the buy back program McCain proposed at the debate. He also voted for the very program he’s now criticising!
This is bad. These two men are Senators of the United States of America. They are currently running campaigns to be elected President of the United States. They both claim to have answers to fix the current crisis, and they’re proposing/criticising what they voted for and claimed we needed.
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This entry was posted on Thursday, October 9th, 2008 at 8:11 pm and is filed under 2008 Election, Current Events, Political Articles. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
