Barack Obama Was AGAINST a 90 Day Forclosure Moratorium BEFORE He Was For It

Barack Obama was pandering his way across Ohio today in a speech that included a proposal for a 90 day moratorium on foreclosures. But, when Obama was running against Hillary Clinton Obama opposed it.

Clinton’s solution is a 90-day moratorium for foreclosures on sub-prime occupied homes, and a five-year rate freeze on sub-prime adjustable rate mortgages. The Bush administration has already responded with a 30-day cooling period on foreclosures; Clinton and her aides insist a longer freeze is essential for stabilizing a precarious situation for homeowners.

But according to some economists and officials grappling with the crisis, her proposal, which also offers a $30-billion foreclosure fund that is triple the size of Obama’s, might only prolong the agony for homeowners.

“A 90-day freeze is fine for what it is, but what happens on the 91st day?” Rokakis asked. “Why not a year? Or longer?”

In San Antonio on Tuesday, Obama said that Clinton’s foreclosure freeze was potentially “disastrous,” rewarding “people who made this problem worse” by benefiting banks that profit from high mortgage rates.

A “blanket freeze,” Obama added, might “drive rates through the roof for those trying to buy or refinance. Experts say the value of homes will fall even more, and even more families could face foreclosure.”

Michelle Malkin has more of the poop.

Obama’s economic proposals today are nothing but pandering to different Democrat Party constituencies, most notably the labor unions. Now, has he said anything about across the board tax cuts or payroll tax cuts?

No…..

But, under Obama’s proposal you can borrow against your retirement savings (401k) without penalty. Wow! That is such a great idea – screw yourself when you get older and cannot work to pay for the folks not working now.

Huh?

John McCain will come out with his PANDER economic plan tomorrow.

Update:

Geraghty asks why stop at 90 days?

When does Flap get his free house as a part of the bailout?

Update #2:

Speaking about Obama’s economic proposals, here is an analysis from the Wall Street Journal on his 95% illusion/solution. Look at the graph on marginal rates: