I still plan to vote for John McCain, having been left with no better alternative, but his latest proposal to buy back mortgages is madness. This whole bailout is madness.
http://ap.google.com/article/ALeqM5hfHkP_o1JurPm5e9mEZEFMFKaJwgD93MGJPG2
When is someone going to have the guts to tell the American people that this is a mess that we can't buy our way out of? I've not heard a single public figure admit that the average American shares some responsibility for the current financial crisis. Here's what I WANTED to hear during last night's presidential debate:
Question: "What would you say to those Americans who are faced with losing there homes amidst this financial crisis?"
Answer: "If you are an American that currently has a mortgage which you cannot afford, we are sorry. We are sorry that low interest rates have led to over-inflated home values. We are sorry that lending companies enticed you with aggressive and risky mortgages making you think you could afford a home that was too expensive. We are also sorry that you chose to get yourself into a financial commitment that you knew was going to be difficult to honor. We are so sorry that we're all in this mess, but we may not be able to help you."
"If you are a home-owner and can't afford your mortgage payments, we recommend you sell the home immediately, because this situation may get much worse before it gets better. If you have to sell the home for less than you owe, you should continue to make payments after the home is sold until you have fulfilled your contract."
"If you own a home and can just barely make payments, please do everything in your power to keep from defaulting on that loan. If it means selling your car, cancelling cable TV and Internet, or making sack lunches, do it. We can't afford unnecessary foreclosures."
"We can get through this, but it is going to take some sacrifice."