Democrat Barack Obama proposed more immediate steps Monday to heal the nation’s ailing economy, including a 90-day moratorium on home foreclosures at some banks and a two-year tax break for businesses that create new jobs…
…Obama proposed Monday that banks participating in the federal bailout should temporarily postpone foreclosures for families making good-faith efforts to pay their mortgage.
“We need to give people the breathing room they need to get back on their feet,” he said, adding that families living beyond their means share some of the responsibility.
“Part of the reason this crisis occurred, if we’re honest with ourselves, is that everyone was living beyond their means — from Wall Street to Washington to even some on Main Street,” Obama said.
McCain opposes a temporary foreclosure moratorium and instead wants to focus on policies that would keep homeowners from ever facing foreclosure, said economic adviser Douglas Holtz-Eakin.
Ok, this is not Obama's plan. We heard this before a few months back. Who came up with it? Hillary Rodham Clinton:
Hillary will challenge lenders and financial institutions to take three immediate steps today: 1) Voluntarily support a moratorium of at least 90 days on home foreclosures; 2) freeze the fluctuating rates on subprime loans for at least 5 years until they can be converted into fixed rate, affordable loans; 3) Require regular status reports on the progress they’re making in converting unworkable mortgages into loans families can afford so we have real accountability.
Hillary is proposing a comprehensive work out - not a bail out - that would end the foreclosure crisis. If Wall Street refuses to act, Hillary will propose legislation to tackle the problems in the housing market head on.
This was in December, of 2007! Even the White House wanted to go along with Hillary:
The White House plan for only a monthlong moratorium on foreclosures is “like slapping on a Band-Aid and calling it surgery,” AFL-CIO President John Sweeney says.
To truly make a difference, we need a moratorium on subprime mortgage foreclosures for at least six to 12 months.
So, what did the Obamessiah think of this plan, which he now supports? He said it was WRONG! Get out the flip flops:
“A 90-day freeze is fine for what it is, but what happens on the 91st day?” Rokakis asked. “Why not a year? Or longer?”
In San Antonio on Tuesday, Obama said that Clinton’s foreclosure freeze was potentially “disastrous,” rewarding “people who made this problem worse” by benefiting banks that profit from high mortgage rates.
A “blanket freeze,” Obama added, might “drive rates through the roof for those trying to buy or refinance. Experts say the value of homes will fall even more, and even more families could face foreclosure.”
So Barry, which is it? Is this a dangerous move or a good one? Does it depend on which way the wind is blowing? Your buddies at ACORN want a year or longer moratorium.
This man is very much like Bubba and Hill Clinton. He will say, promise, and pander anything to get elected. However, like the Clintons, the only thing he will deliver is wrongheaded policies and backwards, self serving thinking.
