August 2006 Weddings
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Is McCain a socialist?
His new economic plan is to have the government buy up homeowners' mortgages that the owners can't afford anymore, at a cost of more than $300 million to taxpayers. And he's attacking Obama's opposition to this plan, by saying that Obama doesn't want to help poor homeowners. This sounds like a socialist position to me.
Background: http://www.politico.com/news/stories/1008/14430.html
Am I missing something?
Background: http://www.politico.com/news/stories/1008/14430.html
Am I missing something?
Re: Is McCain a socialist?
If we want to get technical about it, probably not. His plan is to basically allow banks to refinance bad mortgages so that the total is based on the new, lower fair market value of the home. The difference between the old mortgage (purchased based on the home's higher value) and the new one is what the taxpayers would pay. So the gov't isn't buying actual mortgages, or stakes in companies (both of those would be socialist or even communist IMO). But it's a very big gov't, liberal idea, so it doesn't bother me if someone wants to smear it as socialist.
I get where he's coming from (the left) b/c right now banks are willing to refinance bad mortgages to lower interest rates, but not take a huge loss on the principle balance. A reset interest rate helps some people who can't afford the higher payment with adjustable interest rates but it doesn't help anyone who needs to sell their home. If you like big gov't solutions to private sector problems it's not bad. I, however, think it's a horrible idea and would only prolong the housing bubble, which needs to bottom out as quick as possible. I also believe it would result in banks being reluctant to give mortgages (the opposite of what needs to happen) for fear that some judge or bureaucrat would arbitrarily change the terms and make them lose money. It would be much more expensive than people realize b/c it's not just people near-default who would want to take advantage of this bill. Tons of people want to sell their home to make money by buying a new, cheaper one they know will appreciate, and this bill allows them to use the gov't to achieve that end, even though they don't need it. I also believe it would lead to discrimination b/c not everyone would be able to be helped. This is all in addition to the fact that it's clearly unconstitutional.
I can't wait to see what Obama's plan is for homeowners b/c I don't believe for a second he will let McCain get away with being the only candidate that "helps Main Street." Since McCain's plan is uber lefty I can only imagine what Obama's will be (besides the stimulus package, which I just heard a campaign spokesperson talk about again today.)
(edited)