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Obama Demands 90-Day Foreclosure Halt

From an approving Associated Press:

Obama calls for 90-day moratorium on foreclosures

By CHRISTOPHER WILLS, Associated Press Writer

TOLEDO, Ohio – Democrat Barack Obama proposed more immediate steps Monday to heal the nation’s ailing economy including a 90-day moratorium on home foreclosures at some banks and a two-year tax break for businesses that create new jobs…

The Democratic presidential candidate said his proposals, with a price tag of $60 billion over two years, can be enacted quickly, either through the government’s regulatory powers or legislation that Congress could pass in a special session after the election

McCain spokesman Tucker Bounds accused Obama of planning to raise taxes if elected, something that would “have a devastating effect” on the already-troubled economy…

Obama’s latest proposals are in addition to other policies the Illinois senator has already offered as the stock market struggles, financial institutions wobble and tight credit chokes the economy…

Obama proposed Monday that banks participating in the federal bailout should temporarily postpone foreclosures for families making good-faith efforts to pay their mortgage.

“We need to give people the breathing room they need to get back on their feet,” he said, adding that families living beyond their means share some of the responsibility…

He also called for a $3,000 tax credit for each additional full-time job a business creates. That means a business that adds five jobs would get a $15,000 break. That would end after 2010 and would cost $40 billion, the campaign estimates…

State and local governments face a money crunch, too, and Obama called for new federal short-term loans to help them through the crisis. He called it a “funding backstop” to ensure that states and cities can meet payroll or keep projects moving.

He ended the speech with a call for people to unite and make sacrifices, as America did during the Great Depression, until the economy is back on track.

“Together, we cannot fail. Not now. Not when we have a crisis to solve and an economy to save. Not when there are so many Americans without jobs and without homes,” Obama said. “We can do this because we’ve done it before.”

How will not foreclosing on mortgages help the economy?

Also, while we are asking, if cutting taxes is good for the economy, why does Mr. Obama normally oppose them?

By the way, please note how well Mr. Obama’s demands mesh with those of his fellow travelers — in this case the radical anti-American group, ANSWER:

We demand:

* An immediate moratorium on foreclosures, evictions and rent hikes.
* Extend unemployment benefits at full pay for everyone without a job.
* Open the books of the banks for public inspection
* Criminal prosecution of banking, finance, insurance and all other executives whose companies have benefited from the foreclosure crisis.
* An end to the wars on Iraq and Afghanistan, which cost $430 million per day.
* Hurricane and flood victims must receive full assistance and have the right to return to their homes.
* Creation and funding of jobs programs throughout the country to eliminate unemployment.

Lastly, just exactly what sacrifices did anyone make during the Great Depression?

Obama is simply pig ignorant about history.

This article was posted by Steve on Monday, October 13th, 2008. Comments are currently closed.

10 Responses to “Obama Demands 90-Day Foreclosure Halt”

  1. Colonel1961 says:

    Fabulous! Price controls, no foreclosures, punishing evil executives – and no unemployment! It’s Nirvana! It’s Utopia! It’s The One!

  2. Anonymoose says:

    90 days? How is that going to make any difference? (aside from making sure he’ll be elected by then.)

    And I’ve heard about “good faith” payments–“Hey it’s $10–good money! And it’s all I got anyhow.”

    Lastly, I heard earlier today how his plan was J-O-B-S. Well No S-H…….you get it. $3,000 tax credit isn’t enough to justify a full time job with benefits. Even a $7.00 an hour job is something like $14,000 a year, and if there’s not enough work to justify the employee being there…..well, then what? I’m sure some people will take advantage of it, only to cut the employees loose in 2010. It’s just as asinine as the “plan” to encourage entrepreneurs to start making energy from wood chips and save us all.

    How about rather than J-O-B-S why not create D-E-M-A-N-D, as in markets and for employers to make more and hire more employees. After all Obama is GOD, he can do ANYTHING!

  3. Semper-Par-FI says:

    Maybe they should shine a light on Fannie and Freddie book keeping.

  4. Media_man says:

    People I speak with seem to labor under the false notion that delinquent borrowers need “help” and therefore anything that politicians propose to help them out is somehow a noble thing.

    When did being a “deadbeat” become enobling?

    We have 6% unemployment, historically considered “full” employment. What excuse do these people have for not paying their mortgage?

    Do you think maybe Obama would come up with a “school tax” holiday? Now that’s something I’d support. But I don’t think his AFSCM supporters would buy into it.

  5. gkwilley says:

    According to the Constitution, isn’t the Federal Government supposed to “enforce” contracts not re-negotiage them?

  6. BillK says:

    Yes but when the feds own the banks, the contract is with themselves, so it’s kind of circular logic.

  7. JerseyGrrrl says:

    “The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.” Winston Churchill

  8. JohnMG says:

    Anybody notice the ACORN in the upper-right corner of the sign this tool is holding?

  9. Lipstick on a PIAPS says:

    Hmmmm…….. ya mean AFTER 90 days we can all become “MEAN” again?!?! ROFLMAO

  10. Liberals Demise says:

    Maybe Brotha HO needs the 90 days to come up with a way to tax the crack dealers in the hood. If you legitimize the business these deadbeats do and then tax them as if it made the dealers feel like a productive part of society,they as a whole will feel the need to belong to something bigger than the hood!
    Or….I could be full of sh!t too!! Sign holding is a full time job….give that po man a $200,000.00 home he can’t afford. By golly, its his right!!

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