McCain doesn't really want to help home-owners

He wants to tell you that he does – but….

This is from today:

That agency, a Mortgage and Financial Institutions trust, would work with the private sector and regulators to identify institutions that are weak and fix them before they go broke.

“The underlying principle of the MFI or any approach considered by Congress should be to keep people in their homes and safeguard the life savings of all Americans by protecting our financial system and capital markets,” McCain told the Green Bay Chamber of Commerce in Wisconsin.

McCain said the agency would be an early intervention program to help financial institutions avoid bankruptcy, expensive bailouts and damage to their customers.

McCain’s campaign announced his speech Thursday night after Wall Street witnessed the federal government take unprecedented steps this week to stabilize the economy, including the takeover of the insurance giant American International Group Inc. in exchange for an $85 billion loan from the Federal Reserve.

This is from April 10th 2008:

McCain plans a more comprehensive economic speech for next week, but came here today to blunt criticism from Democratic rivals Barack Obama and Hillary Clinton that he is insensitive to the plight of ordinary Americans.

“Let me make it clear that that in these challenging times, I am committed to using all the resources of this government and great nation to create opportunity and make sure that every deserving American has a good job and can achieve their American dream,” he said.

On the housing crisis, McCain once again made clear his opposition to broad federal intervention or bailouts. He said he continues to oppose helping those who engaged in and fed the speculative frenzy in the housing and credit markets

“Tax breaks for builders, funds to purchase homes in foreclosure, and tax credits that are not targeted to where the need is greatest do not constitute the federal help that is warranted,” he said.

Instead, McCain proposed a federal program that would require individual homeowners to seek help from the federal government and, if they qualified for assistance, emerge with a restructured mortgage that would allow them to stay in their homes.

Not quite the same is it? That isn’t just a flip-flop but a massive swing to a nationalisation of the housing market and mortgage companies – OK, well not that far but the distance is the same as western Canada to London, England.

There is a matter that politics plays in this situation – but McCain, in this latest crisis is to say what people want to hear rather than sticking to what he first said months ago. Principled and honourable? Not if McCain is saying something.

I am sure that many will see through what McCain is saying now – but you can bet, if he should be elected, he will revert back to his deregulation theory that he took way back in April.

[Reuters] More here.

All this shows that McCain is basically trying to get over to those Republicans who support him that he has an idea of what he is doing – all quite the opposite as we know. While Obama is taking advice from several different economic advisers McCain is sticking with the sound-bite and a pre-screened speech.

Not the American home-owner in mind – just some new real estate called the White House.

McCain wants new agency to fix financial crisis – CNN.com.

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About Bolshy

Blogging in the ether to see if that elusive literary agent or publisher wants some new talent.
This entry was posted in Blogroll, Blogs, Christianity, Comment, Conservatives, Democrats, Liberal Democrats, Personal philosophy, Political correctness, Politics, psychology, Technology and tagged , , , , , , . Bookmark the permalink.

0 Responses to McCain doesn't really want to help home-owners

  1. Mary B says:

    Here goes obama again…we wants us to help EVERYONE…..we struggle everyday making our payments, but he wants more…..also if obama really wants to help walll street and main stream…..he CAN PAY ALL HIS KICKBACKS to the people…..he side with all these people….but lined his pockets

  2. geek says:

    Senator McCain wanted to help home-owners by helping to create unregulated non- bank banks after the savings and loan disaster.

    Go fact check that

  3. Will Rhodes says:

    I have – and there isn’t anything on FactCheck.org.

    Link?

  4. Daniel says:

    Gee.. I hope this is a reality check for everyone who doesn’t make over 5 million dollars a year. This administration doesn’t care about us… one view back in history shows us that this administration is consistently trying to make things better by implementing counter-productive things. They turned everything they touched to stone. They are MAKING Barack Obama look more and more like a Messiah everday.

  5. Tim Pure says:

    The more important thing now is to investigate the corruption of Obama.

    Obama was sponsored $250,000 by corrupt and convicte slumlord, Rezko. Obama ignored housing violations

    in 11 of the 30 housing projects in Obama’s constituency. In addition, he is also connected to other

    corrupt elements such Auchi.

    http://online.wsj.com/article/SB122005063234084813.html?mod=googlenews_wsj

    http://www.americanthinker.com/2008/03/obamas_iraqi_oil_for_food_conn.html

    Obama also got a $300,000 discount by Rezko who bought the lot next door to enable Obama to buy the

    house for $1.65 million dollar. Rezko can only gain access to the lot though Obama’s house and never

    develop the lot.

    Further Obama got special privileges: The freshman Democratic senator received a discount. He locked

    in an interest rate of 5.625 percent on the 30-year fixed-rate mortgage, below the average for such

    loans at the time in Chicago. The loan was unusually large, known in banker lingo as a “super super

    jumbo.” Obama paid no origination fee or discount points, as some consumers do to reduce their

    interest rates.

    http://campaignspot.nationalreview.com/post/?q=MzFkMjYzMmEwZjVkMGY4YjIyNDBhM2FiOTI4MzM1ZDc=

    Michelle Obama’s salary jumped from $121,000 prior to Obama’s election to Senate to $360,000 after his

    election. One of Obama’s earmarks is to provide $1 million to Michelle’ employer for the construction

    of a pavilion.

    http://campaignspot.nationalreview.com/post/?q=OGRiMWFhNWY4MTgzMjI3NjEzNGQwMWFiMTlhYmRhN2Y=

    Obama spend $1 billions in earmarks in 4 years. The same kind of politics.

    http://jay1949.wordpress.com/2008/08/26/mccain-versus-obama-the-earmarks-issue/

    All along, Obama has been the greatest marketeer. He could be the greatest salesman who reinvented

    himself. People wants to believe him because he is good at using buzzwords such as hope and change. I

    wish that people would be less naive.

    As an Asian American, I am appalled that people cannot see through the facade or the hypocrisy of this

    corrupt man who practise the worst kind of politics, based on racism…based on popularity…People

    should look at Obama who has never been moderate. He do whatever is needed to win, even walk away from

    his integrity to cooperate with a corrupt slumlord, Rezko.

  6. Hannah Stevens says:

    I just love it when righties say they do not support Barrack because he is liberal and they want nothing to do with socialism. But I have news for them; huge companies have now been socialized, this is the most flagrant, disgusting socialism ever in this country. These companies had huge profits for years, CEOs and others took huge profits, salaries and bonuses and now we the little people get to pay for it. Privatize profits and socialize failures. And it helps this country not a whit. We still don’t have the health care system, medicare is in trouble, as is SS, but we bailed out the companies and the rich get richer. It is criminal.

  7. George says:

    Obama didn’t need a mortgage, he had Tony Rezko (who is funded by Auchi, who was funded by Saddam Hussein). When is the MSM going to discuss that little triangle at nauseam? Obamabots are not liberal, liberal means generous and open minded. They see Obama as their chance to make up for the fact they weren’t there for MLK’s marches or the 1968 Democratic Convention, and the Vietnam protests. Obama =/= Robert Kennedy. Not even close.

  8. brenda says:

    Lordy Lordy…..Obama can fix wall street, he can pay for the poor, give breaks to the rich, pay for kids university cost, he can create health care whipe out income tax to the elderly, and give thousands of dollars to the middle class. Did he miss out on anyone? Maybe he will give site to the blind, and cure all illness. Can he promise anything else to buy your vote?

    HA!

  9. brenda says:

    George…I love it when Obama likes to liken himself to Kennedy. He has the same speech writer as Kennedy, and the similarities end their. What makes me really laugh is when Michelle puts on those white pearls and acks like Jaqueline Kennedy, I just want to roar

  10. Hannah Stevens says:

    Why is no one talking about Keating Five, the S&L crisis 19 years ago, when McCain among others in the senate tried to shield Charles Keating, a good friend and donor to McCain from having audits of his books. McCain was heavily involved in this and was censured by the Senate. Why doesn’t anyone talk about it?

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