Redstate

Posted at 1:13am on May 13, 2008 Singing: "They're Out Of Touch/The New York Times . . ."

By Pejman Yousefzadeh

The Times has one of its usual, dyspeptic editorials up attacking the Bush Administration for threatening to veto the homeowner bailout bill currently being considered by Congress. At the end, we get this:

The House is to be commended for defying Mr. Bush's veto threat, especially the 39 Republicans who joined all the House Democrats. When the Senate considers a similar measure, Republicans there are likely to face pressure, too. At least the Senate bill will probably not be considered until after Memorial Day. While home for the holiday, senators are sure to hear from constituents about the need for mortgage relief. That might inspire lawmakers to do what Mr. Bush is unwilling to do.

Read on . . .

Posted in Economy | Subprime Mortgage Bailout — Comments (5)/ Email this page » / Read More »

Posted at 2:40pm on May 8, 2008 Tim Mahoney admits he has no freaking clue about the sub-prime lending crisis

By Erick

Tim Mahoney (D-FL) is upset with Republicans for blocking the "Don't Make People Deal With The Consequences of Their Own Actions" Act also known as the sub-prime mortgage bailout.

This is just too rich:

Mahoney said Republicans have it all wrong. He said because Florida’s housing prices were so high, many families turned to sub-prime mortgages as their only avenue to get into homeownership.

Pay attention to this:

Republicans have it all wrong.

In real person speak: The Republicans don't want to bail out people who decided to live beyond their means. Everyone knows taxpayers are supposed to save the irresponsible from themselves.

Florida’s housing prices were so high

In real person speak: it was difficult for some people to buy a house because, by any objective standard used in the free market, these people could not actually afford to buy their house.

many families turned to sub-prime mortgages

In real person speak: some people who had crummy credit and wanted to live in a house they couldn't afford sought out a way to make the deal happen after banking institutions questioned the financial ability of these people to actually, you know, buy a house and pay for it. So they got into sub-prime mortgages and we should feel sorry for them and let the taxpayers bail them out now.

their only avenue to get into homeownership

In real person speak: Tim Mahoney now wants taxpayers to pay for their homeownership because, you know, living beyond your means is as American as apple pie.

Brilliant, Tim.

Posted in 2008 | FL-16 | Subprime Mortgage Bailout | Tim Mahoney — Comments (9)/ Email this page » / Read More »