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i am devoting a thread to just this issue since replies are not always seen by posters on the forum. for the record, even though people are trying to put the bailout solely on mccain, obama voted for every single bailout bill and included funding measures in the first bailout bill for his pet projects, ACORN and la raza. not as well known are other bailout bills that obama has sponsored:
With one socialist “bailout” bill apparently on the way to passage by Congress, two more are pending―both of them sponsored by Senator Barack Obama.
One is the Jubilee Act, which would cancel as much as $75 billion worth of Third World debt, and the other is the Global Poverty Act, which would cost an estimated $845 billion. Total potential cost: $920 billion.
But consider what’s going to happen when the American taxpayers realize that more and larger bailouts are on the way.
Commentators such as Andrew C. McCarthy have pointed out that Obama’s Global Poverty Act (S. 2433) would cost even more than the $700 billion that is being proposed as part of a socialist takeover of the U.S. financial sector. Obama’s bill passed the House and Senator Joe Biden’s Foreign Relations Committee and now awaits full Senate action.
But the Jubilee Act (S. 2166), which is co-sponsored in the Senate by Barack Obama, has also passed the House and awaits Senate action.
HMMMMMMM makes my blood boil. Tell me again just what it is that we owe the third world? Bail them out? Last time I checked we don't have the money to bail ourselves out let alone everyone else.
i would like to add that this was not even found on an american newspaper forum. it was found on an australian newspaper forum. it seems that our own press is not willing to print all the news that is fit to print! i would think people would be interested in a new bailout that will cost them more than this most recent government bailout!
i am devoting a thread to just this issue since replies are not always seen by posters on the forum. for the record, even though people are trying to put the bailout solely on mccain, obama voted for every single bailout bill and included funding measures in the first bailout bill for his pet projects, ACORN and la raza. not as well known are other bailout bills that obama has sponsored:
With one socialist “bailout” bill apparently on the way to passage by Congress, two more are pending―both of them sponsored by Senator Barack Obama.
One is the Jubilee Act, which would cancel as much as $75 billion worth of Third World debt, and the other is the Global Poverty Act, which would cost an estimated $845 billion. Total potential cost: $920 billion.
But consider what’s going to happen when the American taxpayers realize that more and larger bailouts are on the way.
Commentators such as Andrew C. McCarthy have pointed out that Obama’s Global Poverty Act (S. 2433) would cost even more than the $700 billion that is being proposed as part of a socialist takeover of the U.S. financial sector. Obama’s bill passed the House and Senator Joe Biden’s Foreign Relations Committee and now awaits full Senate action.
But the Jubilee Act (S. 2166), which is co-sponsored in the Senate by Barack Obama, has also passed the House and awaits Senate action.
You're aware the United States is experiencing a financial downturn.
Did mccain just propose a 300 billion dollar mortgate (bank) bailout?
mccain's plan is his refinement of this already passed bailout bill from Committee Chairman Christopher Dodd, D-Conn., who negotiated the housing legislation. (in july of this year):
The provision that has garnered the most attention is one that would allow the Federal Housing Administration to insure up to $300 billion in new loans for at-risk borrowers if lenders agree to write down loan balances below the appraised value of borrowers' homes....
Critics of the plan say lenders are more likely to saddle the program with their worst loans - those most likely to foreclose. The Congressional Budget Office estimates that the program would end up guaranteeing 400,000 loans worth $68 billion, and of those, about a third would result in default. The CBO estimates the net loss from those defaults would be $680 million, or 1% of the total loan amounts guaranteed.
Another provision would raise the cap on the size of mortgages guaranteed by Fannie and Freddie to $625,000 from $417,000. The House version raises the limit to nearly $730,000.
House Speaker Nancy Pelosi, D-Calif., whose state has some of the priciest real estate in the nation, made her preference clear in a press conference on Thursday. "We want higher limits."
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