Pampers, I have news for you: BUSH SUCKED IS NOT A PLAN!!!
We know Bush was a fuck up, we lived through it moron. But no matter how many times you say it, it's not going to change the fact that this whole mess is because your party let Fannie and Freddie abuse the system, grant mortgages to people who couldn't afford them, and then took money from F&F executives in the form of ginormous campaign contributions. So pardon me if I say go fuck yourself asshat.
Bush Sucked does not stabilize Iraq, Afghanistan, Waziristan, and Pakistan. Bush Sucked does not prevent millions of more Americans from losing their homes when the next set of subprime mortgages adjust to higher rates. Bush Sucked is not going to free up credit lines so that money begins flowing back into the system.
Hillary Clinton and John McCain have both proposed employing variations of the Home Owner's Loan Corporation. You flatly rejected these plans. The economy continues to tank. More Americans are losing their homes.
So Pampers, because you are an ignorant, arrogant, self-absorbed, thoughtless asshat who only cares about getting into the White House, here's yet another Congressman who proposed the HOLC idea...back in January. His name is Mark Steven Kirk. Perhaps you've heard of him. He serves Illinois' 10th district. He's yet another Republican who is embracing a plan instituted by a Democratic President. Here's the text of a statement he released advocating a similar plan Hillary and McCain's. Read it carefully Pampers because it will explain exactly how the HOLC worked, and how successful it was.
So please Pampers explain to us how it is that FDR was wrong. Please, I'm dying to hear o wise and powerful Oz.WASHINGTON – As the sub-prime mortgage crisis deepens, U.S. Rep. Mark Kirk (R-Ill.) today called for the temporary reinstitution of the Home Owners' Loan Corporation, one of Congress’s most successful efforts to protect homeowners from foreclosure in the 1930s. The Home Owners’ Loan Corporation for the 21st Century (HOLC21) would acquire defaulted loans from mortgage lenders and offer sustainable refinance options for homeowners, preventing further foreclosures. During 2008, 1.8 million sub-prime borrowers will see their adjustable rate mortgages reset upward, with increases every six months to follow.
“Of the more than $10 trillion in outstanding mortgage loans in the United States, $1.3 trillion are sub-prime, and half of those have adjustable rates,” Congressman Kirk said. “Approximately 20 percent of those adjustable rate mortgages are now past due. Congress should help homeowners refinance their mortgages to keep their homes. Reinstituting the Home Owners’ Loan Corporation would put us on a path to stave off a mortgage-default spiral and bolster our economy. The Corporation was a temporary institution that stopped a crisis, kept Americans in their homes and then closed, repaying the taxpayer with a profit.”
In the early 1930s, nearly 50 percent of all mortgage loans were in default. In 1933, the Congress established the Home Owners’ Loan Corporation with the following goals: (1) Protect homeowners from foreclosure; (2) Relieve homeowners of the higher interest and principal payments incurred during periods of higher property values and higher earning power; (3) Declare that it was a national policy to protect home ownership; (4) Impose the least possible cost on the federal treasury; and (5) Avoid injustice to the investor.
HOLC, established in 1933, was a temporary corporation which restored liquidity and stability to uncertain mortgage markets. HOLC acquired and refinanced over 1 million troubled mortgage loans—about 20 percent of all mortgage loans in the country. HOLC only rescued current mortgages for three years, 1934-37, stopping a panic among banks and other financial institutions. The Corporation issued $2 billion in bonds with maturities up to 18 years with interest rates two percentage points above the federal reserve rate. Using those bonds, HOLC purchased troubled mortgages from lenders at a substantial discount (on average 20 percent below their pre-depression value), then offering reasonable refinancing options to homeowners. This prevented a total collapse of banks and allowed families to remain in their homes. States and local communities appreciated keeping local taxpayers in their homes rather than turning whole neighborhoods into rat-infested ghost towns. After fulfilling its statutory mission, HOLC was liquidated in 1951, returning a $14 million surplus to the Treasury.
“A short-term stimulus package that includes $25 billion for HOLC21 will provide needed stability to a volatile market and help lower-income borrowers stay in their homes,” Congressman Kirk said. “A three-year authorization, remaining in operation until its portfolio was resolved, is an economically sound and fiscally responsible solution to the sub-prime mortgage crisis. This solution is a ‘win-win:’ Banks avoid total bankruptcy and homeowners get to keep their homes. Once the panic subsides, the taxpayer will be repaid.”
This plan will work. You know it and you can't stand it, so as always you're whining and throwing a tantrum because it wasn't your idea. Just remember, Hillary handed this plan to you and your party on a silver platter and you crapped on it.
Now I hear that you've purchased a half hour of prime time TV on two networks so you can no doubt tell us that Bush Sucked and John McCain is Bush and you have a plan to help our economy by baking a cake of hope. Screw you. I can only imagine how many millions of dollars it is costing to pay for that air time. I know there are a lot of Americans out there that wish they had access to the smallest fraction of that money so they could pay their bills and put food on the table. I'm constantly seeing your tv ad parade of lies and bullshit where you talk about how suffering is trickling up. That prime time ad buy sure is helping. You couldn't possibly be more of an asshole. At least there is one candidate in this election who is trying to lead, who cares about what's happening to people in this country, and is trying to do something about it other than say Bush Sucked.
Thank you Senator McCain for listening. Thank you for understanding that the American people are suffering. Homeowners don't want a giveaway. They'll pay their mortgages if they can afford them. Thank you for seeing that. This is the mark of leader. You have scored major points with me Senator McCain. I endorse the principles of your plan. With the help of Republicans like Mark Steven Kirk and Democrats like Hillary Clinton, I believe you might be able to get us out of this mess.