Debt Negotiation Zone » mccain economic plan http://debtnegotiationzone.com Debt Negotiation Fri, 19 Aug 2011 22:59:35 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 The $300 Billion John McCain Mortgage Bailout http://debtnegotiationzone.com/the-300-billion-john-mccain-mortgage-bailout/ http://debtnegotiationzone.com/the-300-billion-john-mccain-mortgage-bailout/#comments Wed, 15 Oct 2008 00:50:35 +0000 admin http://debtnegotiationzone.com/?p=351 The McCain mortgage bailout of $300 billion is a bad idea.  First of all you want to bail out people that can’t pay their mortgages.  Many of these people had no business buying a home anyway.  The second issue is many of these people have no money at stake in the transaction.  Many of these folks got loans at 100% LTV.  In my day buying a home meant something.  You actually had to save up money for a down payment.  When you bought a home you had something at stake.  To bail people out that have nothing at stake in the property is just having government act as an enabler. You are just encouraging bad financial habits to persist in the future.  When you get in a bad situation you grow by having to figure it out.  The people that we bail out are just going to keep making bad decisions financially.  Why, because they did not have to change to get out of a bad situation.  I have had financial issues in my past, I had to work it out.  I would not be the person I am today if I did not have to figure it out.  If we bail everyone out then we have a whole generation of people that will miss out on a life lesson.  I am being bery general in lumping everyone into the same pot and I am clear that in certain situations assistance may make sense but I know that there are people who bought homes that should not have done so.  I do not think it is the role of government to bail them out.  What about a tax credit for people that are responsible?

The money could be spent in a much more responsible manner.  What this country needs is jobs, not a bailout.  If there were more confidence in the economy and jobs, the real estate market would turn around.  My years experience have proven to me that when people have confidence in their jobs, they will buy houses.  It does not even matter where interest rates are at, they will buy homes.

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