Originally Posted by
bionicarm
http:///forum/post/2785853
Here's an idea. Let's say I own a $500,000 house, and I'm in good standing with my bank and my payments are up to date. My neighbor the deadbeat, can't keep his payments up, and is on the brink of foreclosure. Because of the real estate bust, the houses in my neighborhood are only selling for $400,000. So McCain comes in, buys my neighbor's $500,000 note, devalues his house to $400,000, then gives him a $400,000 note so he doesn't have to move out. My neighbor is very happy. Meanwhile, the value of my house just dropped $100,000. So to help me with my bailout, McCain can cut me a check for $100,000 to make up the difference, rewarding me for being a responsible person and paying my debts.
IIRC, the idea was to put a lien on the house for the difference so if/when the house is sold - the gov't will theoretically recover the money. I don't know if I like this whole idea at all, but I am listening for more details. But I don't see it being that much different than someone receiving student loans from the gov't, to be paid back when done with school. Similar concept here, the gov't gets paid back the difference when it sells. THe real problem to me is that is the gov't going to be carrying the note? If so, I don't see them foreclosing on little old ladies - a politically suicidal issue. Are they guaranteeing the note, a losing issue as well if the value continues to drop.
As for the drop in value of your home, I feel for ya but that's how it goes I guess. People buy homes as a place to live, that part hasn't changed. I look at home ownership not so much as an investment but rather as your home where you reside that may offer capital appreciation but not guaranteed.
As for the Obama/McCain thing, I am still disappointed in both, neither are actual leadership material as I see it and IMO they both fail to grasp the gravity of the situation for many. The fact that people's retirements are at stake and many people are scared that it's gone, poof - like a fart in the wind.
I would like to see one or both them say the truth, things aren't just tough for many, they're downright scary. I'd like to see them say something to the effect of "It wasn't just one thing that caused this mess, it was a multitude of things and we all have to accept some degree of responsibility. I'll take responsibility for the recovery, if my idea fails, I won't seek a second term. I will humbly step aside if it doesn't work. But it will work, climb on my back if you're scared and come hell or high water - we'll get through this together, even if I have to carry you." You know, like an actual LEADER would. I don't see either having the testicular fortitude to do such a thing, everyone wants to pass the buck and blame someone else. Someone needs to simply say "The buck stops here!" I know, old fashioned, obsolete, whatever, this Country *needs* leadership right now, if no one is willing to do it, then in my mind it simply means neither deserves my vote.
There are things about both that I do not like at all and I am still undecided at this point but I will put away my personal interests and vote for the man who actually acts like the leader they seem to want to be. If you want to be a leader then dammit - act like one! Lead, follow, or get out of the way.
/rant for the day
