Rep. McClintock gave the following floor speech on March 17, 2009.
M. Speaker:
I have been asked to present more than 6,000 postcards generated by the Armstrong and Getty radio show to protest policies that can best be described by the new bumper sticker, “Honk if you’re paying my mortgage,” or today’s reprise, “Honk if you’re paying AIG’s bonuses.”
Rick Santelli of CNBC struck a nerve last month when he asked, “How many of you want to pay for your neighbor’s mortgage who has an extra bathroom and can’t pay their bills?”
Jack Armstrong and Joe Getty, who host the most popular radio talk show in Northern California, asked the same question of their listeners. And here is their response.
On each of these thousands of post cards is the story of a responsible family struggling to make ends meet in the worst recession in a generation – families who are meeting their obligations, staying current with their mortgages – even though many of them are upside down on their home values and owe more than their home is worth.
And they’re watching as this government says to borrowers who lied on their loan applications, who put no money down and accepted teaser rates, who withdrew all the equity of their home to pay for stuff, don’t worry, we’ll force your neighbor to pay for your mortgage.
They’re watching as this government says to lenders who knowingly made loans to people they knew couldn’t afford them, who made millions creating the housing bubble, don’t worry, we’ll cover your bonuses with taxpayer money.
But the families who sent in these postcards keep making their payments, many eating into their savings, foregoing vacations, postponing retirements, turning down consumer purchases – because they stand by their word.
These are the families that turned down the opportunity to flip that house, to make a quick fortune, to cash out their equity for a second home or a boat they couldn’t afford. They are the 92 percent of borrowers who are making their mortgage payments, despite all the incentives that this administration is offering them to stop.
And these postcards are eloquent testimony to their resentment at being required to bail out the banks and the borrowers who created the housing bubble, who caused the credit collapse, and who now are being subsidized, bailed out, and lavished with multi-million dollar bonuses paid for with our tax money.
Joe Getty asked the question yesterday: “What has happened to the words ‘Sadder but wiser;’ what has happened to the American tradition that you make your own decisions – good or bad – and then you live with them?
The President tells us that if your neighbor’s home is on fire, you don’t quibble over who pays for the water. That’s true, but as Jack Armstrong pointed out, if my neighbor burns down his house by shooting off Roman candles in his living room, I’ll be darned if I’m going to pay for him to rebuild it.
Armstrong and Getty, Rick Santelli and others are speaking for the vast silent majority of Americans who pay their bills, who honor their commitments, and who make this country run.
The President recently said that we’re all to blame. No, we’re not all to blame. Those families who passed up the get-rich-quick real estate seminars and who turned down the loans they couldn’t afford, or who settled for a smaller home or who rented because that’s what they could afford – they’re not to blame. And they shouldn’t be left holding the bag.
Ninety two percent of Americans are making their mortgage payments not only because it’s the right thing to do, but because they know that the sooner the market corrects itself, the sooner our homes will begin to appreciate once again.
Sadly, by prolonging the real estate correction, by propping up bad loans, by undermining responsible homeowners, and by subsidizing bonuses for the smartest guys in the room who created this catastrophe, this government is extending the agony and postponing the day when the market will bottom out and homebuyers can safely re-enter the housing market.
M. Speaker, I take great hope from the public’s response to Armstrong and Getty’s invitation to protest the mortgage bailout. It means that the American spirit is not dead, that there are still millions of Americans who believe in individual responsibility and integrity. Even if such people are in short supply in Washington today, they still comprise the vast majority of our nation and that great silent majority is growing tired of remaining silent.
Thank goodness we have at least one representitive that has common sense. Tom, hang tough and we will hang with you. Only wish you were my district represenative. Let me know if my representitive, Gary Miller, goes soft and does not stand with you.
Tom, please post your take on the the May 19th state initiatives. I hear so much conflicting info, I can't sort it out. Your insight would be appreciated.
Thank you! It is so good to know that we, the people, finally have a voice through our representative! Great work Tom, thank you for standing up for us! You, Mr. McClintock, are a GREAT American! God Bless you and your family,
Samantha Lane
I agree with McClintock 100% Our Goverment is a totally out of control. We need someone with ethic's, morals & most important COMMON SENSE making descisions regarding this countries future.
Thank you, Representative McClintock, for speaking for my household, as well as those of so many other American families. We are the picture of the responsible citizen you are referring to, and are at a loss as to how to fight this insanity. We are so resentful and hopeless. Please continue your work, I have believed in you for a long time. You ARE my hope for our country. God Bless you!
Dear Senator Mc Clintock,
I applaud Armstrong and Getty and their listeners, who are incensed about paying for somebody else's financial folly. However this is another perspective, that perhaps you have not heard.
My husband and I are one of those families that you referred to in your address. We put 20% down on a house in a new sub division (approx. 150K) and we were well qualified. Unfortunately 60% of the new home owners were not. As a result over 1/2 of the 40 houses in our sub division have foreclosed. The newest "comps" estimate that our 4 year old home (investment) is worth approximately half of what we paid for it. Yet... the bank still expects full re payment of the 700K loan. Bank of America was the lender for the majority of this sub division. B of A loaned money to people who are illegal aliens, whodon't speak English, who didn't put any money down and who certainly didn't meet the ratios of standard lending practices. When the tide turned and they couldn't meet their obligations, they simply walked away; leaving their property in shambles, which greatly depreciated our home value. My husband (who worked in the private sector) took a 40% cut in pay in order to remain employed. We are responsible citizens. We have depleted 2 years of savings in order to meet our obligations for the last 24 months. Last month he was laid off. I have contacted Bank of America, whose response was "We are sorry, but unless you are in arrears, there really isn't anything that we can do". I am a Libertarian. I supported Tom Mc Clintock's campaign (and we are thrilled that he won). However, there is a point where one has to wonder why we, the home owner and tax payer must shoulder the brunt of the banks' irresponsibility. My perspective is this.... If B of A hadn't loaned money to people who clearly did not qualify (they didn't make a down payment and didn't have sufficient income), then our neighborhood would not have experienced a 60% foreclosure ratio. In my opinion, BofA is partially culpable for my predicament and should be a partner in resolving the matter. Yet, when I call to the bank and attempt to negotiate an adjustment of terms, their representative is intractable. I want to continue to service our obligation, but under the circumstances, find it hard to justify. This government's administration has already pledged thousands of my tax dollars (and my 13 year old daughter's tax dollars) to bail out the insurance companies (who should have cured the defaults, because they collected PMI), banks and entitlement programs. I now find it difficult to sacrifice even more of my hard earned money in order to pay off the loan on a property that has lost 50% of its value (and 150K of my cash) due to a bank's poor business decisions. Their lending practices ended up usurping my down payment and potential profit as well. The government has decided to bail out bankers, insurance companies etc. with my $, so why should I not feel entitled to get some of my money back? I do not expect my fellow American to pay for my misfortune, but I certainly hope that the bank will participate in some of the exposure that they help to perpetrate. My husband and I are both college grads, hard working and responsible, but the situation seems untenable. I hear about "hope.com" which is another government sponsored scam. What I desire is some real life solutions from our partner... the bank!!!! Please keep up your good work. We need some common sense in congress!!!
Lorna Mc Bade
Santa Rosa
I heard your presentation this morning. Thank you for speaking out on this issue. I didn't buy a home because I could not afford it. Instead, I concentrated on paying off my credit cards and getting out of personal debt.
What a quagmire this mortgage mess has become. Please don't let them forget that the rest of us are trying.
Please keep up the good work.
Thank you !
P.S. You rock!
Thank you for delivering my postcard and your representation.
AMEN. Thank you for doing this. Why don't more elected officials have a backbone, or even a centilla of economic intelligence!
Thanks Tom for expressing my view and the view of all responsible, fiscally responsible Americans
Tom, I love ya! I am so glad you won your seat in Congress and you're now in DC fighting the good fight. Your speech on the mortgage bailouts is right on target. I am one of the "not so silent" majority who pays his bills and mortgage on time and I live within my means. I can't disagree more with the current policy of these bailouts at the expense of the taxpayers.
Keep giving em hell, Tom, on our behalf! Oh, and I think it's time you changed your website to read:
Tom McClintock
In Congress for the People
Best regards,
Greg Gujda
Sylmar, CA
Good work Tom,although I reside in Dan lungrens district I have followed and supported your political career.I wish to differ with you on your comment that Armstrong and Getty are the most popular talk show in northern California. Lee Rogers on KSFO 560 in San Francisco has them topped. Lee is the #1 talk show in the most liberal section of northern California. His ratings are consistently #1.Keep up the good work and someday I hope to be able to cast my ballot for you as our next Senator to replace "Box of Rocks". Jim
I am in full accord with the general tenor of the postcards Rep McClintock delivered to the House. I am one of those who did not take advantage of the housing boom. I am paying on all my bills but I am not taking on extra debt in order to "live higher on the hog" or "to keep up with the Joneses". Please don't punish the 92% of us taxpayers (who pay our bills and don't take on extra debt unnecessarily) for the mistakes of the other 8% by raising our taxes to pay for those
"freeloaders".
Sad but true.... and we who still pay feel incredibly powerless to change things.
Bring Huckabee in!!
Thank you Rep McClintock for representing us.
What a blessing to have you in Washington.
If they had only listened to you here in California...
Our family is praying for you.
Fantastic Tom! And thank you to the Armstrong and Getty show. I was taught by my parents and grandparents and my school teachers to take responsibility for my actions and that is what I have taught my daughters. This "It's not my fault" mentality has got to stop. If we are all the same get rid of colleges save the states money and give us all a degree. I'm glad to see Tom is sticking up for those values. Keep up the good fight. And call your collegues on the carpet! Chris Dodd's answer to questions about his bailout amendement and the bonus money for AIG execs is more of the same irresponsible behavior. When our leaders behave like irresponsible borrowers it's time to say enough is enough. You must call for his resignation!
We are all living in the same country and in the same 4th district of California. To sit back and say, "It's not my fault" while your neighbors lose their homes, jobs and health care is the same attitude that got us here. How much is your house going to be worth when it sits next to a pile of burned wreckage? I'm just soooo happy to pay TOM $174,000 a year to sponsor bills to celebrate Ronald Reagan's birthday. Now that's progress!
Well Tom ...I like you, but as far as contributions? ....as soon as I get mine from Obama ...I'll let you know.
Thank you for your aig speech this morning. You echo my exact sentiments. I work for a company that treats severely emotional disturbed children and I sure would like to have a bail out to pay the hard working employees who work for $10.00 an hour.
The speech is great, but I think it's falling on deaf ears. Obama's not interested in doing the "right thing". If it doesn't advance his political agenda he's not interested. With all the bailout that the Feds are loading on the American people, this will just be another straw that gets us closer to breaking the camels back.
I sure hope that those career politicians start listening to the American people. Thank you Rep. McClintock for being willing to step up and convey the feelings and thoughts of the citizens. I hope and pray that it does some good...soon.
Count me and my family members 6002-6008.
Count me as 6001.
We Californians could have had Tom McClintock as governor in the recall election that gave us the Govenator Schwartzenegger (Tom came is with the second-highest Republican vote total). If we had elected Tom, we would not be in this bankrupt condition. But we chose style over substance, and are likely to self-destruct completely!
Here is 6002, paying an overpriced mortgage because of the boom created before I could enter the market (just to buy my own home, not to profit from the flipping) now struggling to make ends meet, supporting four in the household with only one full-time job as my husband's employment is dictated by the economy. And while barely keeping even, watching our savings/retirement disappear before our eyes. The government would have been better to give that bailout money to the taxpayers to pay off their debt, this would have put these companies back in the black, and the PEOPLE would have benefited.
6002
...6002
Add me to the list. What are we teaching our children. Your paying more taxes because the government rewards bad behavior. Everthing you strive to teach your children growing up, out the window. Abraham Lincoln said " You cannot make the weak stronger by attempting to make the strong weaker".
I am proud of your efforts on behalf of the United States citizens of California's 4th District.
I wish you were our rep. here in So. Cal....Dodd, Frank and the others who helped create this mess, including the messiah Obama (as a senator/activist lawyer who forced banking to offer these loans) are the ones who should be going to jail! Yet, they point fingers at others... karma will visit them someday. I can still hold my head high, I, too, am one of those "silent", responsilbe homeowners, who scrape to pay my mortgage on time and wouldn't even think of asking someone else to take care of me. My hubby is now posponing retirement, we support a disabled daughter and take care of home schooling a disabled grandaughter, all with NO public assistance or support! Yet, the government is going to gouge us, all the while Pelosi and Reid are at work figuring out how to bleed us somemore. People, raise your voices!! Let them be heard at the polls, VOTE THEM OUT!! Support those, like Tom McClintock, who really represent US!
Amen! We paid our mortage and other bills, in spite of my husband being on disability for three years! Where there is a will, there is a way, not to mention self-respect and just doing "the right thing!"
Great Tom!!!! Keep up the good work! I'm so glad we have a voice in Washington who is not afraid to stand up for all hard working Americans!
Excellent speech! Tom McClintock for President of the United States!
Thank you.
Thank you for stepping up and speaking out for the responsible and integrous seemingly silent majority!!!! What's right needs to be awarded!!!!
Hi Tom
Thank you for taking the postcards to make a visual impression to /on Congress. If their eyes are open and their ears are working, perhaps they will reconsider some of their decisions made on behalf of the "people they serve".
Carol - Torrance Ca
We need more people in Washington like Congressman Mc Clintock!
[...] H/t: Congressman Tom McClintock. [...]
Rusty Reagan, it's people like you who have gotten this country in such a mess. I ask you...how is it my fault if my neighbor loses his home because he bit off more than he could chew? How am I responsible for this? Of course I have empathy for anyone who is having a tough time right now, but this country was born on personal responsibility and now with the Democrats in full control we are on a fast track to complete socialism. You made some bad, irresponsible decisions? Hey, no problem...let's get Jack over here who has NOT done that to help you out. No, don't worry if Jack doesn't want to...we'll make him!
This country needs to get back to people taking responsibility for their own actions and decisions but Obama and the Democrats will never let that happen. Welcome to socialism.
History will divulge the colossal mistakes made by our elected leadership. Ironically, recent history shows the bank bailouts made by the Japanese have proven to be catastrophic as well and has only extended the duration and severity of their recession. For our elected officials to make promises to their constituencies that hope to soften the impact of this great debacle is criminal. No one heeded the warning signs of “wealth redistribution” or “tax increases for the wealthy”. The American’s that elected this administration are as shallow as the administration they elected. This is what America gets for electing the shadiest and greediest of all professions; lawyers .......... into office. Rather than allow markets to self correct and using the law's tools, such as bankruptcy to remedy situations for the worthy, our leadership has exploited every loophole and institutionalized welfare for risky and greedy bankers who ended up bank rolling their campaigns. Hard working, law abiding Americans will eventually see what has been done to our country and who is responsible. Our handsome, well spoken, and popular president is showing his depth and will be judged accordingly. There is a limit to the damage inflicted that can be repaired though. Who will pay the bills when the American working class is destroyed and every business venture capitalist and entrepreneur are wrung out to finance the exploits of an irresponsible government? Ever heard of Criminal negligence?
I had a postcard in there someplace. I don't know if Mr McClintock is quite up to running for Pres. yet, he is very sincere, and I know that the NorCal radio listeners were ecstatic about the efforts we made in writing the postcards. I was just as nervous and excited as A&G were, and it was great to see a populist movement be acknowledged. I relate to some of the comments above, however...had my spouse and I both been working, we might've found ourselves upside-down in a house with a bad mortgage. We chose to wait until we both had secure incomes (we still rent, by the way). So I feel for everyone. But artificially holding up a bad setup is going to be bad for everyone in the long term. We won't ever be able to buy a house if the gov't props up an artificially inflated market. (unless, of course, I get a gov't job or I sell my best-selling kid's book). Best of luck to you all, though.
Thank you, Rep. McClintock, for making our voices heard in D.C. You gave a superb presentation. Now, if they only listen...
Tom,
I wish you had been elected govenor we would not be in this mess in Calif. I am glad to rold all of those airheads in congress where the rubber meets thew road. They caused all of this and kenw what was coming but sit on their fas butts and did nothing. Obama is selling us into socialism faster than we care to admit. All this bs hype about AIG is a smoke screen to cover the real agends, SOCIALISM. I hope some of them listened to you as they will never see a re-election again.
Jim Nighswonger
Corona, CA
Dear Congressman McClintock: I am glad that so many of the above posts are from the good citizens of your southern California district. As for the citizens of the 4th Congressional District, we would like to know whether you are going to oppose receipt of the stimulus funds for the 4th District, as some other Republican congressman and governors have opposed receipt for their districts and states. You have not yet addressed this issue, as you continue to speak out against the Obama's administration attempts to right the economy after 8 years of runaway spending and no regulation by the Bush administration. Or is it your position that the banks and the economy should fail and that the honest people who have posted their opinions about fiscal responsibility here should become homeless and unemployed, and not receive any stimulus funds. Please adress receipt of the stimulus funds in your next speech.
[...] » Read the Entire Speech [...]
Tom - thank you for your speech! We were hard working RENTERS in southern California for many years. We chose not to purchase a home because of the illogical prices. We have now moved to SC and purchased a 4000 sf home for $200,000.
We have worked hard and used common sense with our money. We are not the first or only people who left CA because we saw that the housing greed was decimating the economy. We were proactive and shouldn't have to now fund other people's financial decisions when we didn't expect them to help us fund a home.
Rationality does not matter to anyone anymore.
Last year Tom McClintock opposed the reauthorization of the Secure Rural Schools & Community Self Determination Act. He voted no against the legislation to expand the State Children’s Health Insurance Program, or SCHIP. If you are unaware, then look these up I insist.
He said no to investing in energy production, forest management and infrastructure, no to expanding benefits for the 10.1 percent of Californians unemployed, and no to creating an estimated 8300 jobs in the 4th district. He did this by voting no against the federal stimulus bill. Who in their right mind says no to free help, especially at a time like this? Again, rationality does not matter to anyone anymore. He said no against modernized water storage, flood control, and prevention of costly wildfires. I find it heartbreaking that all this is denied to the people McClintock represents. Why is it denied? So we can throw a birthday bash for Ronald Reagan. Yes, what a perfect opportunity for the rich to come together and talk about gaining more riches. To hell with the common peoples' roads, water, jobs, security, and welfare! Please, lets all work together for the betterment of this district, of this country, and ourselves by listening to reason. It is what makes us different from animals, why not use it?