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Did Mccain flip flop on the housing issued? Or did he just lie and gave false and misleading information?

I just received mail from CM saying my previous post was deleted because it was reported as not being formated as a question. Well to teh person who obviously disagree with me and reported me. You can't silence me. I won't let you or anyone censor me. Hope you like this question better.



"Sen. John McCain (R-Ariz.) made an overnight change in the homeowner bailout he proposed at Tuesday’s presidential debate, making it more generous to financial institutions and more costly for taxpayers. "

 
ny.chica

Asked by ny.chica at 11:19 AM on Oct. 9, 2008 in Politics & Current Events

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This question is closed.
Answers (9)
  • McCain is for Corporate America. He will say whatever he has too to the taxpayers to get their vote but when it comes down to it, he will take care of Wall Street way before he considers the effect on Main Street.
    njmommy2boys

    Answer by njmommy2boys at 12:24 PM on Oct. 9, 2008

  • Continues
    "When McCain sprung his surprise idea at the start of the debate in Nashville, his campaign posted details online of his American Homeownership Resurgence Plan, which would direct the government to buy up bad home mortgages, allowing strapped people to keep their property.

    The document posted and e-mailed by the McCain campaign on Tuesday night says at the end of its first full paragraph: “Lenders in these cases must recognize the loss that they’ve already suffered.”
    ny.chica

    Answer by ny.chica at 11:19 AM on Oct. 9, 2008

  • "So the government would buy the mortgages at a discounted rate, reflecting the declining value of the mortgage paper.

    But when McCain reissued the document on Wednesday, that sentence was missing, to the dismay of many conservatives.

    That would mean the U.S. would pay face value for the troubled documents, which was the main reason Sen. Barack Obama (D-Ill.) gave for opposing the plan."
    ny.chica

    Answer by ny.chica at 11:20 AM on Oct. 9, 2008

  • continues
    "Obama Campaign Economic Policy Director Jason Furman said in the campaign statement opposing McCain's plan: "John McCain wants the government to massively overpay for mortgages in a plan that would guarantee taxpayers lose money, and put them at risk of losing even more if home values don’t recover. The biggest beneficiaries of this plan will be the same financial institutions that got us into this mess, some of whom even committed fraud."

    The McCain campaign estimates in both documents that the plan would cost about $300 billion."
    ny.chica

    Answer by ny.chica at 11:20 AM on Oct. 9, 2008

  • Do you watch the view? Did you hear Whoopi's take? Interesting idea that neither candidate will commit to.
    FiveofaKind

    Answer by FiveofaKind at 11:55 AM on Oct. 9, 2008

  • I had a "question" deleted for the same reason. And you know what? I didn't assume someone "reported me". I assumed I had violated the rules and the spirit of the site and that the site moderator called me on it.

    As for your question... I don't know. Perhaps he changed his mind as he learned more information and as the economy has gotten worse. Obama has changed his mind several times on issues too. Were they "flip-flops" or honest changes of opinion? Personally, I think a leader who sticks to one opinion no matter what is a dangerous, narrow-minded idiot.
    kaycee14

    Answer by kaycee14 at 12:01 PM on Oct. 9, 2008

  • no I stoped watching the view. there is one whiny woman there I can't stand. but you know that there is a plan similar to that one already in effect? Those who are loosing their homes apply for an FHA loan to refinance their home at the current value not at the value taht i was originally pruchase. If the current bank agrees with the new assed value and taking the loss then the home owner gets an fha loan, at 6% interest; as long as they qualify for the new amount. no credit check. but income check through the IRS. the home owner have to be able to pay for teh new monthly payments and other loans (credit card/auto etc) with 50% of their income.
    ny.chica

    Answer by ny.chica at 12:01 PM on Oct. 9, 2008

  • "I had a "question" deleted for the same reason. And you know what? I didn't assume someone "reported me". I assumed I had violated the rules and the spirit of the site and that the site moderator called me on it."

    right now there are many posts here that are not questions. heck the poster didn't even bother to write more than a name and those are not deleted. CM moderators delete questions when they are reported. and by the way I did phrase my previous post as a question.

    ny.chica

    Answer by ny.chica at 12:03 PM on Oct. 9, 2008

  • The media say's it was Obama who flip flopped.
    The trouble for Obama, however, is that he was advocating much the same idea just two weeks ago.

    On September 24th, at the height of the financial crisis, Sen. Obama said that the very mortgage bailout plan McCain embraced at the debate last night was worthy of consideration.

    We should consider giving the government the authority to purchase mortgages directly instead of simply purchasing mortgage-backed securities.

    [I would] encourage Treasury to study the option of buying individual mortgages like we did successfully in the 1930s."
    On home mortgages, Obama was for buying them before he was against it.
    Lornamay

    Answer by Lornamay at 3:26 PM on Oct. 9, 2008

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