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[EarthNSky <erthnsky AT bellsouth.net>]

Gene GeRue wrote:

> “As president of the United States,” McCain announced, “I would order  
> the secretary of the Treasury to immediately buy up the bad home loan  
> mortgages in America and renegotiate at the new value of those homes —  
> at the diminished value of those homes and let people be able to make  
> those — be able to make those payments and stay in their homes.”
>
> In the Liberals-versus-Conservatives debate, this McCain proposal will  
> be used for many years. Here we have a Conservative of the first rank  
> proposing to bail out the people who purchased homes they could not  
> afford.
>
> As McCain's judgement goes, this is damning.

Is this not the same as what the bailout does-have the Treasury buy up 
bad mortgages? Both Obama and McCain support this kind of action. 
Instead of the bailout buying up mortgages from big banking, McCain 
proposed actually helping Joe Six Pack<g> by buying his ARM and 
adjusting the loan and the rate so that it is more fair.

Do I like this? You're darn right I don't, just like I did not like the 
bailout, but at least, again, he is out there on a limb trying stuff and 
this is a plain, simple, straightfoward, non-covoluted plan based on a 
principle that was already ok'ed, but that will benefit the people more 
directly.  Recall that he was criticized recently that the 
rescue/bailout did nothing to help people who were already in 
foreclosure that were about to be homeless.
I'm with you that it sucks that my tax dollar would be going to bail out 
people who truly showed poor judgment, but I do see where McCain is 
coming from.  Machts nicht, as Obama is going to win anyway.  We will 
see what he will do to keep all those people on the brink in their homes.

Bev, in rainy GA, where the birdbath is full

--
"The nine most terrifying words in the English language are: 'I'm from 
the government and I'm here to help.'"  Ronald Reagan