Conservos Not Happy With McCain "HOME"

"Hey, remember when I praised McCain's housing stance," asks Michelle Malkin today. "Well, forget it." The conservative commentator does not like McCain's proposal today in which the federal government takes in and guarantees qualified suprime mortgages. It strikes her as much more activist than the principles he staked out two weeks ago. Indeed, it strikes just about everyone as more activist than the principles he staked out two weeks ago, including Hillary Clinton, including reporters on a conference call with McCain advisers today. The New York Times uses the dreaded phrase "in shift" to describe the plan's velocity.

The campaign says the proposals hew to McCain's philosophy. They apply only to primary residences and do not reward real estate speculators for speculation. And they cost much less than other bailouts. Nonetheless, the White House has threatened to veto the closest Senate approximation of the McCain plan, Dodd-Shelby.

Comments

I liked it when he was going to ask the banks for 0% interest rates. Bold leadership.

Posted by Deborah | April 10, 2008 5:16 PM

This is funny primarily because people like Michelle Malkin think McCain has a chance.

Oh wait, he does; Hillary Clinton's still in her political death-throes.

Posted by socctty | April 10, 2008 5:34 PM

You can't please all of the people all of the time. Mainstreamers were calling for McCain to delve into the economic/housing crisis. So, that's what he did.For the common good...

http://www.political-buzz.com/

Posted by matt | April 10, 2008 5:37 PM

Dear god, please make them all stop! We can't have a wholesale government bail-out. Obama's plan is iffy, McCain's worse, and Hillary's communist plan of freezing all ARM resets for 5 years is the worst of all by a long shot. Real estate prices need to recalculate to something resembling the historical norm, and that very well may require some foreclosures. Propping up mortgages will keep real estate prices artificially high, and continue freezing out many who should be able to buy now or in the near future.

Now if mortgage companies wish to enter into private renegotiation because that's better for them than going through foreclosure, they're more than welcome. Even having the government "encourage" it is OK. But forcing renegotiation of private contracts, or bailing them out with gov't funds, just shouldn't occur.

Posted by LFC | April 10, 2008 5:53 PM

Housing prices can be kept up and raised so that owners can sell the homes at a profit.

What is needed is a plan modeled on Israel's bulldozer strategy to bulldoze the homes of anyone suspected or caught doing something someone doesn't like.

By eliminating 20% of the housing supply over the next 2 years, prices would rise sharply.

The bulldozed homes, in the mean time, will create lots of employment for salvage workers who can mine it for copper and other valuables.

Posted by D | April 10, 2008 6:51 PM