Has Obama Changed Your Bailout Stance?

[rucky]

His speech in Reno, yesterday...

http://www.realclearpolitics.com/articles/2008/09/obamas_remarks_on_the_economic.html

[MercutioATC]

1. I'm in favor of a rescue bill, I just don't approve of any bailouts.

[Occam Bandage]

2. I was in favor. I still am.

[Kurt_and_Hunter]

11. ditto

[earthside]

3. Barack is wrong on this.

He should support the alternative plan: The “No BAILOUTS Act” - John Nichols/The Nation.

[rucky]

7. Kaptur and DeFazio have the better plan.

as usual - from the Progressive wing. But I am more supportive of the one on the table, for purely political reasons and the promise to fix the details when he's in the White House.

clarification: "More supportive" than I was on Monday. Not more supportive than the alternate plan.

[Toucano]

4. The worst president in American history will be followed by the best president in American history.

Won't that be sweet?

I found the speech to be persuasive, logical, and inspiring.

Will Reagan lose the mantle of "The Great Communicator"?

[instantkarma]

5. Barack changed my horse stance.

I am now in favor of horses.

[RUMMYisFROSTED]

6. It adds 10% to the national debt.

Right now, we do half a bailout every year in interest payments on that debt.

It is insanity.

[Aloha Spirit]

8. that was a stellar speech.

[uponit7771]

9. I don't support it cause it looks and smells like IWR etc, fear mongering and stupid media who wont

...ask questions.

Obama didn't address this issue.

[harun]

Agree. Just like the fear mongering before IWR, 2004 election and 2006 election

[rucky]

14. But we have the benefit of watching this one fail.

And taste some of the fallout. Now there appears to be actual public debate this time, and some spirit of compromise. If the issue is trust, is Obama winning that from the people? Is there enough in the plan to safeguard it from abuse?

[uponit7771]

15. Yeah, the oversite and the rationing out of money as needed is even smarter than the Swedes did...

...when this happened to them during the 90s, of course the Swedish government could trust their markets.

It's a decent plan overall looking at the money the government can make but doesn't resolve the IMMEDIATE issue of falling house prices.

[rucky]

17. FWIW...

Effective today, there is an FHA program to help people upside-down on their mortgage (and/or with a current debt-to-income over 31%), by reassessing their existing mortgage's Loan-to-Value, based on the new appraised value and refinancing into that (as long as LTV doesn't go over 90%). As long as we have FHA programs in place, people will have options - maybe more with the housing market adjusting back down to sane levels.

This is an expensive buy-in (3% upfront MIP, that's financed into the loan), but still a more stable option than some of the reset ARMs many folks are facing now.

The hope being there won't be so many people desperate to sell their home and the market will level out.

[rucky]

10. I guess the follow-up questions should be...

1) What are the political implications of him coming out in support of the proposal?

2) How does it affect your personal level of support for Obama?

[Phoonzang]

12. I'm for the bailout....as long as we can be damned sure we'll get that money back. n/t

[uponit7771]

16. Feds will make money like they did in the 40s and 50s but faster like the Swedish government did...

...except the Swedish government gave all the money upfront where as this bill is giving the 700 billion "as needed" with oversight.

The Swedes trusted their markets but we don't...I wonder why?

[democrattotheend]

13. I don't know what to think about the bailout, but I trust Obama

So I guess I am more supportive of it than I would have been if he had opposed it, although I am still not fully convinced. I'm against it on principle but think it might be necessary, and I trust Obama more than I trust the House Republicans, so if he says it's necessary I'm more inclined to believe him.