Here Comes the Mother of All Housing Bailout Bills

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McCain's mortgage proposal is a joke, more 'Socialism for the Rich". This is McCain "Spreading the Wealth" to his banker buddies, while slapping the expense on taxpayers.

Paul of WA 7:15PM October 18, 2008

Bail is not available to anyone who has no assets to pledge.
The actual value of the dollar is no longer based on the trust in the government but in the new hallucination that those who took no risk should be provide the assets to the thieves and con artists who took the risks.
The amount of debt and the cost of future investment will take generations to repay.
None of this is necessary if banks are allowed to fail, houses are foreclosed, and the inflated costs of every commodity are allowed to reach a real value. A real value is whatever the commodity can sell for.
This can be accomplished by placing a small burden on stocks, finance, and insurance a small tax will keep these freeloaders under the eye of government and will make manipulation and evasion a criminal offense, beyond th reach of lobbyists and politicians.

Morton Kurzweil of FL 6:53PM October 17, 2008

It seems that the government has not learned its lesson when it comes to meddling in the private markets.
Didn't we get into this mess because the government was trying to "provide more assistance to those looking to purchase a home"? These people think that doing this will somehow stabilize the credit markets? I have a better idea: stop adding to excess housing inventory, create incentives (cash back, 0% financing for highly creditworthy individuals for a period of time), remove the tax favored treatment of housing, allow more foreign investment to flow into the country, reduce cap gains tax and income tax, and relax some rules that make the process to purchase a home more difficult. We have to work to get the excess glut of homes out of the market, not try to prop up people with more government assistance to purchase homes that they can't afford.

Chris of AZ 6:52PM October 17, 2008

I think this has become a top down problem.
When i was young my mother told me not to buy something i couldnt pay for in cash.
I have lived by that, and it has served me well.
Mre and more i see people who live beyond thier means, and months or years beyond their means and seem not to know it, they think its normal.
The only thing i ever bought on credit was my home which i made double payments for and paid off very early (by 34yrs old)
With a US debt reaching trillions, we are teachnig kids and corporations that its OK and just to buy, buy , buy.
Like after 9/11 Pres Bush told us to.
Its called trickle down creditnomics, and its ripping the country apart.
Lets hope someone with "credit morals" gets into office

Brad M of LA 5:57PM October 17, 2008

An agency similar to that uase in the 1030's to take care of the
homes in or near forclosure will be needed in the near future, as will an agency to put people to work on our infrasturcture/public workd]s!

JOAN HEALY of CA 2:02PM October 17, 2008