If you want to know why I cannot vote for John McCain, the following news story sums it right up:
"Florida is probably at the epicenter of the decline of housing values," said Kemp, who said the federal government has pledged billions to help banks and "now it's time to help the homeowner."
McCain says the $300 billion should come from the $700 billion financial rescue package that Congress approved this month with support from both McCain and Democratic presidential nominee Barack Obama. McCain's plan calls for the government to purchase failing mortgages and replace them with fixed-rate loans backed by the FHA.
"Until we do something about the price of homes, until the home ownership crisis abates, we will not see the recovery in our overall economy," said Martinez, who was HUD secretary before he ran for Senate in 2004. He said Florida and California have been hardest hit by the mortgage crisis."
Two idiots, both playing a populist message that will drive our nation straight off the cliff.
This is what you are supporting, John and Mel:
The shareholder complaint depicts WaMu’s mortgage lending operation as a boiler room where volume was paramount and questionable loans were pushed through because they were more profitable to the company.
When underwriters refused to approve dubious loans, they were punished, she says.
....
"Ms. Cooper said the team manager told her to “restructure” the loan to make it work. “I said, how can you restructure fraud? This is a fraudulent loan,” she recalls."
....
Brokers often tried to bribe Ms. Cooper to approve loans, she says. One offered to pay $900 to send her son to football summer boot camp if she would approve a loan that had been declined by a host of other lenders. “I told him no and not to disrespect me like that again,” Ms. Cooper says.
This is what was behind the "home price appreciation" in Florida and elsewhere in the nation. It was inherently necessary to make loans on a fraudulent basis for prices to get outside of parity by any material amount because there is no legitimate means by which proper underwriting will allow those loans to be made.
I've tried to be somewhat-polite up until now, but now I'm just plain pissed off, so here it is, in blunt english.
Listen up you mouth-breathing fools:
There is no solution to this financial crisis that includes keeping home prices above parity value, which is defined as approximately three times median income .vs. median home prices.
NONE.
Any such attempt prevents worthy potential homeowners from being able to afford to buy and keep a home. This makes it impossible for a healthy economy to be maintained, as the excessive home price pressure destroys disposable income for American Families.
The result of such an intentional distortion is a demand for "bubblenomics" to prevent an all-on depression, as spending 50% or more of one's pre-tax income on housing cannot posssibly work for all but the most wealthy of Americans; absent taking on more and more debt to cover the gap such a policy inevitably bankrupts all middle class and lower American families.
This claptrap was precisely what led us into The Depression and now you advocate policies that would repeat these mistakes, covering your own personal culpability in creating the economic conditions that led us to this point.
Transferring such bad debt to the taxpayer does nothing; the taxpayer is the one who is already being hung by the neck as a direct consequence of the pernicious and outrageous fraud that was necessary to create the housing bubble in the first place. Transferring something from and to the same persons does nothing and America has wised up to the incessant lying you promote as "pro middle-class."
The entirety of the bad debt written as a consequence of this fraud must be defaulted in order to clear the system.
Period.
You (McCain and Martinez) both share personal responsibility for this mess in that you both voted for the $700 billion fraudulent ripoff of the American taxpayer, and further, you both failed to do one damn thing about the predatory and fraudulent practices, including but not limited to the counterfeiting of credit(money) of the previous ten years, that created this false "price appreciation" in the first place.
The proof my position has been clear in the evidence since the spring of 2007 when the credit card debt numbers began to skyrocket, and now, in the last month that indebtedness has accelerated at a rate that would more than double credit card debt among Americans within one year's time.
YOU, John McCain, Mel Martinez and the rest of the fools in Congress pushing this garbage have promoted the LIE that "stabilizing" house prices at unaffordable levels (or even advancing them to more unaffordable levels) is a "public good", despite more than a year's worth of actual notice from myself and others alerting you to the fraud that you have explicitly and implicitly passed over in your role as Senators.
That Ben Bernanke and Hank Paulson are pushing the same mantra doesn't make it right - it just means that you are all crooks and in this scheme to destroy American prosperity together!
Fraud is never a public good - it is a public menace for which each and every one of you should be run out of town on a rail, both from Washington DC and from hometowns across America.
You and your mouth-breathing brethren in the House and Senate, along with people like Henry Paulson and Ben Bernanke (bankers enmeshed in the fraud up to their necks) are promoting policies that will keep Americans so deeply in debt as to never be able to live without that NOOSE around their necks.
Indeed, you both voted to place that noose on the neck of Americans through the passage of S.256/2005, the "Bankruptcy Reform" Act.
You are intentionally destroying the hopes and dreams of the American people and have been doing so for years.
You deserve to and WILL lose on Tuesday.
All of you (who stand for election, anyway.)
The American People have woken up and we are pissed off. I have voted Republican in every election since I turned 18 and gained the franchise. The Republican Party has turned from the party of individual freedom, liberty and economic progress into the party of fraud, theft and counterfeiting, and I'll be damned to Hell before I will support that crap with my vote.
Oh, as for Barack Obama's campaign? They got it half-right, never mind that Senator Obama did vote "Nay" on S.256/2005:
"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," said Jason Furman, the Obama campaign's economic policy director."
Half right is better than all wrong.
Now follow reality the rest of the way to the truth Mr. Furman and Senator, soon to be President-Elect Obama. Contact me if you'd like, or simply read The Market Ticker; its all right here.
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