On Monday of this week, Senator Hillary Clinton gave a speech in which she suggested creating an economic stimulus package of $30 billion to stave off home foreclosures. She offered further details about her plan, and finished by saying, “some may claim that the plan Iâ€™ve outlined today is a ‘bailout.’ Theyâ€™ll argue that itâ€™s not governmentâ€™s role to help. Well, that is the same kind of tired rhetoric weâ€™ve been hearing for years now. And I think the American people know better.”
She doesn’t know American people. And those who agree with her are irresponsible. Her plan is indeed a bailout. This is typical Clinton crap, promises promises promises. And the question that I always ask when I hear her speak is, “Who does she think is going to pay for this?”
My wife and I bought our first house in 1997. We’re still living in it and we’ve been quite responsible with our mortgage. But let me say this. If something happens that causes us to not be able to afford our home, you can rest assured that I will not ask you to bail me out. It’s not the government’s role to do so. Not in this case.
Home buyers need to be responsible. Lenders need to be responsible. If home buyers think that their lender did something wrong or irresponsible when setting up the loan, then take them to court. If lenders don’t like it when their borrowers don’t pay, then foreclose on them.
And don’t tell me that I need to be concerned about the value of my home. I am. But if the value goes down, I’m fine with that. Such a fluctuation fits nicely into our plans. We’re in it for the long haul, and lower home values means that I pay lower taxes.
As expected, Senator John McCain is right on with his thoughts on the so-called crisis. He gave a speech the following day, saying, “it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers.”
McCain went on to say, “Government assistance to the banking system should be based solely on preventing systemic risk that would endanger the entire financial system and the economy…any assistance must be temporary and must not reward people who were irresponsible at the expense of those who weren’t. I will consider any and all proposals based on their cost and benefits.”
Holy cow! I couldn’t have said it any better. Some straight talk from a straight shooter. You might not like what McCain has to say, but he tells it like it is, he tells it like it must be.
Now, I make no secret that I’m not a fan of Hillary Clinton. But let me say this. When I hear her talk, I do think that she occasionally has some good ideas. But when she presents those ideas, I always come back to two questions in my mind:
- How are you going to pay for it?
- You’ve been a U.S. Senator since 2000. Why aren’t you already putting that idea into motion?
And I already know the answers:
- You don’t know.
- Because you only suggested it to help your campaign, not because you truly want to solve the problem.
Barack Obama also has his bailout plan. But I won’t comment on it, because I need to see his exact words; as I write this, the most recent speech available on his web site is from March 18.
When it comes to the mortgage crisis, listen to John McCain. He’s the only one being honest with the American people.