May 21, 2008

Yes, I can taste the irony. When it comes to Housing Bailouts, Barack Obama is wrong. McCain is confused. And Bush is The Best President Ever

Choosing a president shouldn't be a one-issue process. Look where that got us with Bush. I cast my support for Obama because of a list of issues on which he is right, in my book, and McCain is wrong.

On housing, both McCain and Obama are wrong, Obama being even more wrong than McCain - who actually I'm not sure today which way the wind is blowing. On housing, the Democratic party is wrong to want to bail out speculators, and the Republican party is wrong to want to bail out lenders and banks.

Pretty much the only politicians right on housing are the Libertarian-leaning Republicans, like the few I've posted here the past few days. And Ron Paul of course.

My prediction? Bush will indeed veto this bill, in his most brilliant act as president. But then a new bill will come up, which bails out the banks and lenders he favors more, and failed flippers less, and he'll end up signing that one.

Here's Obama's latest position:

Sen. Barack Obama, D-Ill., called on Bush to "abandon his veto threats and commit his administration to working with Congress" to enact the measure quickly. "American families need urgent relief, and these are important steps to help innocent homeowners, without rewarding irresponsible lenders," the Democratic presidential candidate said in a statement

Here's McCain's latest (confused) position (and I haven't seen him comment yet on the House or Senate bills):

Senator John McCain, who drew criticism last month after he warned against broad government action to solve the deepening mortgage crisis, pivoted Thursday and called for the government to help qualified homeowners with subprime mortgages refinance and get federally guaranteed 30-year mortgages.

Here's Bush's latest position:

Officials have warned that President Bush would veto a similar House-passed measure, calling it a burdensome bailout that exposes taxpayers to undue risk.

Here's HousingPANIC's position:

No f*cking Housing Gambler bailouts!


Nick said...

The House and Senate just passed a bailout bill. I guess all of the whining and crying from folks like you didn't work. Neither did the phone calls you guys made to the White House.

The last laugh will be had by me! I told you guys that a bailout will happen. And this is only the beginning.

You LOSERS LOST. Now go get a life!

Casey Serin said...

Come on, Keith... how can those of us with no job skills, no education, and no prospects whatsoever earn a living if we're not allowed to defraud banks and rip off U.S. taxpayers??

Let's be realistic here. ;-)

Anonymous said...

Ahem...Bush CAUSED the problem, remember? Ownership Society?

Andrew from Russia said...

Well, it's no longer a bailout. It's now called "relief"! One last shot of morphine, I guess.

Anonymous said...

Obama last night:

Fifteen months ago, in the depths of winter, it was in this great state where we took the first steps of an unlikely journey to change America.

The skeptics predicted we wouldn't get very far. The cynics dismissed us as a lot of hype and a little too much hope. And by the fall, the pundits in Washington had all but counted us out.

But the people of Iowa had a different idea.

From the very beginning, you knew that this journey wasn't about me or any of the other candidates in this race. It's about whether this country - at this defining moment - will continue down the same road that has failed us for so long, or whether we will seize this opportunity to take a different path - to forge a different future for the country we love.

That is the question that sent thousands upon thousands of you to high school gyms and VFW halls; to backyards and front porches; to steak fries and JJ dinners, where you spoke about what that future would look like.

You spoke of an America where working families don't have to file for bankruptcy just because a child gets sick; where they don't lose their home because some predatory lender tricks them out of it; where they don't have to sit on the sidelines of the global economy because they couldn't afford the cost of a college education. You spoke of an America where our parents and grandparents don't spend their retirement in poverty because some CEO dumped their pension - an America where we don't just value wealth, but the work and the workers who create it.

You spoke of an America where we don't send our sons and daughters on tour after tour of duty to a war that has cost us thousands of lives and billions of dollars but has not made us safer. You spoke of an America where we match the might of our military with the strength of our diplomacy and the power of our ideals - a nation that is still the beacon of all that is good and all that is possible for humankind.

You spoke of a future where the politics we have in Washington finally reflect the values we hold as Americans - the values you live by here in Iowa: common sense and honesty; generosity and compassion; decency and responsibility. These values don't belong to one class or one region or even one party - they are the values that bind us together as one country.

That is the country I saw in the faces of crowds that would stretch far into the horizon of our heartland - faces of every color, of every age - faces I see here tonight. You are Democrats who are tired of being divided; Republicans who no longer recognize the party that runs Washington; Independents who are hungry for change. You are the young people who've been inspired for the very first time and those not-so-young folks who've been inspired for the first time in a long time. You are veterans and church-goers; sportsmen and students; farmers and factory workers; teachers and business owners who have varied backgrounds and different traditions, but the same simple dreams for your children's future.

Many of you have been disappointed by politics and politicians more times than you can count. You've seen promises broken and good ideas drown in the sea of influence, and point-scoring, and petty bickering that has consumed Washington. And you've been told over and over and over again to be cynical, and doubtful, and even fearful about the possibility that things can ever be different.

And yet, in spite of all the doubt and disappointment - or perhaps because of it - you came out on a cold winter's night in numbers that this country has never seen, and you stood for change. And because you did, a few more stood up. And then a few thousand stood up. And then a few million stood up. And tonight, in the fullness of spring, with the help of those who stood up from Portland to Louisville, we have returned to Iowa with a majority of delegates elected by the American people, and you have put us within reach of the Democratic nomination for President of the United States.

Anonymous said...

Change is coming to America.

It's the spirit that sent the first patriots to Lexington and Concord and led the defenders of freedom to light the way north on an Underground Railroad. It's what sent my grandfather's generation to beachheads in Normandy, and women to Seneca Falls, and workers to picket lines and factory fences. It's what led all those young men and women who saw beatings and billy clubs on their television screens to leave their homes, and get on buses, and march through the streets of Selma and Montgomery - black and white, rich and poor.

Change is coming to America.

It's what I saw all those years ago on the streets of Chicago when I worked as an organizer - that in the face of joblessness, and hopelessness, and despair, a better day is still possible if there are people willing to work for it, and fight for it, and believe in it. That's what I've seen here in Iowa. That's what is happening in America - our journey may be long, our work will be great, but we know in our hearts we are ready for change, we are ready to come together, and in this election, we are ready to believe again.

Afterthought said...

Rearranging deck chairs on the Titanic.

Anonymous said...

Change isn't always a good thing. I wish more of you Obama droids would realize that.

Anonymous said...

The irony is that a blog called H-O-U-S-I-N-G Panic beats on one politcial party 99% of the time yet that political party is on the blog's side when it comes to H-O-U-S-I-N-G.

It would be as if the NRA beat down the Demos day in and day out and then endorsed Obama for its positions on guns.

You're losing credibility daily here with your flip flops. One day the dow is going to be 7000 the next you're buying stocks hand over fist. One day you love Obama, the next you throw him under the bus. I'm just waiting for your green light to buy a Phoenix condo.

Anonymous said...



Senate passed bailout. House passed bailout. You know very well Bush will sign it.

end result: all you bitter renters will be renting for the rest of your pathetic and miserable lives. Hope you all like that 1 bed 1 bath shithole, you will die in it.


Anonymous said...

You are a fool if you believe anything Bush says. He is the worst president ever, and deserves no respect.

Everyone has to understand that what Obama and McCain are saying might not be exactly what they will do if they become president.

I'm pretty sure everyone understands that Obama and McCain are looking for what is more "popular" among voters to form an "opinion". They might be thinking of doing the exact opposite when and if they become president.


Anonymous said...

Joe Lieberman in wsj today.

Mark said...

Change is coming to America.

Yeah -

Massive tax increases
Massive increase in the size of government'
Full surrender to terrorits

I can't wait...

Anonymous said...

He's right to do it, of course. And it is a "burdensome bailout that exposes taxpayers to undue risk".

But it's not like this is some profound act of good judgment on his part; like he had it in him the whole time and he's only now accrued the political capital to take a stand.

He's doing it because he thinks it will f*ck Congress over. I assure you, if this same bill had come out of a Republican Congress, there is no way this would have gotten vetoed.

Anonymous said...

He can keep the change in his pocket. We dont need it. This guy is an idiot, talks for hours and has nothing to show for last two years in Senate. Democrats are idiots and elect people that talk and talk and talk with nothing to show for, in real life accomplishments. Its no different this cycle. Look at who they chose - Carter, Mondale, Dukakis, (Bill Clinton is an exception - He talks and gets things done too) Kerry and now Obama. All these guys are endless bullshitters. They have a problem with do'ers like Hillary.

Anonymous said...

If the Constitution was followed there never would have been a housing bubble.

If the Constitution was enforced we wouldn't need to worry about Obamas, McCains, Clintons or Bushes. We'd just have public servants that would stay within their Constitutional duties.

Anonymous said...

Change is coming to America.

Oh gaaaawd... Please don't post empty presidential speeches up here. Yes, it was a nice speech but do you think Obama wrote it? No he didn't. His speech writers wrote it. It's like how David Letterman takes the credit for the jokes that his 20 comedy writers come up with.

Plus, we could all post the many great and *meaningful* speeches from Ron Paul. Speeches that Ron Paul actually wrote himself that aren't full of empty platitudes.

Change is coming to America. What joke!

Nick said...

Hey Keith what the hell happened to all of your anger and disgust over the housing bailout bill. The Senate just passed the bill and House did also, so they just have to settle their differences in conference. The White House said "we are receptive to this proposal". Keith and to all other HP'ers, this is only the beginning! Wait until a few months from now, "a modified housing relief bill" and more similar to that get passed. The bottom line, those of you who continued to hope for a housing market implosion LOST. While people like me and others' like me WON!

Anonymous said...

k.w. - southern ca. said...

A bail-out of *ANY* sort will not do any good, and only make matters far worse.

Obama knows this, as do all the other candidates.

Talk is cheap ... let's see what is done that is actually *helpful* to US citizens as a whole - housing aside.

Orange Man Strikea Again... said...

Countrywide CEO criticizes customer in inadvertent e-mail
Associated Press
Article Launched: 05/21/2008 07:45:23 AM PDT

LOS ANGELES - The chairman of beleaguered Countrywide Financial is taking more heat, this time over an e-mail.
Angelo Mozilo received an e-mail from customer Daniel Bailey Jr. asking the Calabasas-based company to modify the terms of his adjustable-rate mortgage. He didn't fully understand its terms, Bailey said, and now is risks losing his home of 16 years because of unaffordable payments.

Bailey's e-mail went to 20 Countryside addresses. The company said such mass e-mails have become common and are disrupting its operations.

"This is unbelievable," Mozilo wrote in his e-mail that mistakenly went back to Bailey. "Most of these letters now have the same wording. Obviously they are being counseled by some other person or by the Internet. Disgusting."

Much of the language Bailey used was taken from a form letter at the Web site He posted Mozilo's e-mail response on a LoanSafe forum, touching off a debate on housing Web sites.

A poster on called Mazilo's e-mail "a perfect example of the 'help' they can expect to receive when contacting their lenders."

Another poster wasn't sympathetic: "If borrowers want the freedom to take out credit for hundreds of thousands of dollars, they are equally responsible to not sign something they don't understand."

Late Tuesday, Countrywide issued a statement saying the company and Mozilo "regret any misunderstanding caused by his inadvertent response...Countrywide is actively working to help borrowers, like Mr. Bailey, keep their homes."
Last week, a federal judge ruled that a shareholder lawsuit against Mozilo and other Countrywide executives and directors should go to trial. The plaintiffs claim the top officials failed to provide enough oversight of the lender and misled shareholders about the company's true financial state.

Anonymous said...

Doesn't matter what's right or wrong, only how much money you can extract from the system.

Only the poor give a sh*t because they want the big fat handout.

The rich give a sh*t because they have the luxury to do it.

The rest just want to be comfortable.

devestment said...

Past governmental performance would dictate that the wealthy will benefit while the common man pays the tab.

This housing bill goes nowhere.

It simply stalls any action until the next administration while appearing proactive in the election year.

Very few if any will benefit.

As time passes and more foreclosures happen.

Besides, now real estate carries a negative connotation as an investment, public perception is tainted and too many have been hurt.

Anonymous said...

Messiah Obama will tell his cultists what to think. He is now telling them that there should be a bailout and they will support a bailout as he says.

devestment said...

Besides, read the fine print. It’s a banking bail out!

The bill would allow the Federal Housing Administration to insure up to 300 bln usd in mortgages that lenders agree to write down.

Anonymous said...

Change is coming to has anyone got change for my new Amero?

"Ownership society." I guess it all comes down to which corporation owns you.

Screw Bush and his Libertarian One World ideas.

Anonymous said...

Obama believes the way to help people is to steal money from one group and promise it to another.

How is that "change"? That is precisely what destroyed this country.

He's sucking up to the little guy and will figure out how to pay for it later.

Anonymous said...


What change is that...?


Ohhh I can't wait! Where is the bread-line?

Toby said...

OK. For the 900th time. Its an election cycle. The candidates are saying what the electorate wants to hear. Bush can say anything because it doesn't really matter.

However, Obama and McCain are careful to say we want to help "qualified" home owners. Leaving out investors, failed flippers, and ATMers. Politicians both in and out of office are well aware that the sentiment of the electorate is to let the chips fall where they may.

Anonymous said...

From WSJ today.

Anonymous said...

Very few if any will benefit.

You hit the nail on the head. Those very few are working on the top floors of Wall Street. Obama's useful idiots don't have a clue that this bill is using taxpayer money to buy bad debt from the hedgefunds and big banks. They really think that families will be living on the streets as if there is no such thing as rentals.

Anonymous said...

those of you who continued to hope for a housing market implosion LOST

It already imploded. Prices are 24% off in some places and over 50% off in others. I'm almost ready to buy a foreclosure for 50% off with my profits from investing in energy companies.

Anonymous said...

OK, forgive my ignorance.

Can or should Hillary run independent if she doesn't get the required delegates.

bearmaster said...

Dubya can hardly be called a hero because he's played a significant role leading up to this disaster:

Predatory Lenders' Partner in Crime

Written by none other than Eliot Spitzer, just weeks before his call girl was suddenly discovered.

Hillary will win for sure said...

Hillary will be the next president of the USA..

America loves Hillary

AMABO said...


Anonymous said...

I see in today's news that Hillary is running Obama broke. I never liked Hillary but now I see her as the patriot who might save us all from President Hussein Osama.

Anonymous said...

50% off prices? In what dreamworld is that renter? and don't give me some anecdotal evidence. show me real hard data. you can't. it never happened.

Anonymous said...

50% off prices? In what dreamworld is that renter? and don't give me some anecdotal evidence. show me real hard data. you can't. it never happened.

Man you nimrods are dense.

Check areas around Fort Meyers in Florida. 50% off of the peaks. Ditto for Miami. Sacramento CA is 39% off of its peak. San Diego, 31% down. LA is 26% down.

Here is the link to some dataquick charts:

And we are only at the precipace of this debacle! Or should I take your's and Nick's stance versus that of people like George Soros and Warren Buffett? Go read up on what they have to say.

Christ, after listening to dipshits like you and others try to vainly justify housing's invulnerability, I can finally see how we keep voting in doorknobs to run this country. With idiots like you casting votes, we are going to rapidly Titanic ourselves into oblivion while you live in perpetual denial.


Anonymous said...

Christ, after listening to dipshits like you and others try to vainly justify housing's invulnerability, I can finally see how we keep voting in doorknobs to run this country. With idiots like you casting votes, we are going to rapidly Titanic ourselves into oblivion while you live in perpetual denial.

Hahahaha!! Nice response! Seriously, don't you want to just leap over the fence of your neighbours and strangle them to death for some of the dumb shit they do??!!

The USA is like an out of control bus, the crazies are at the wheel and there's a group of retards rocking out to Britney on their ipods standing between us and the crazies.

bailout 08 said...


You should have stuck behind Ron Paul. Sure, you can predict Obama might win (doubt it), but why not back the person you agree with the most?

Anonymous said...

Just in: McCain is picking Romney as VP.

Don't forget that Mitt Romney was against amnesty to illegals and housing bailout.

Anonymous said...

"Change is coming to America."

Yeah, right...