Posted on 10/08/2008 12:09:31 PM PDT by MittFan08
If McCain was looking to make a domestic policy initiative, why not a middle class tax cut of his own for all voters? I'm having a hard time seeing why it's smart either as a matter of policy or politics to propose having taxpayers who incur reasonable amounts of debt and act responsibly bail out those who don't.
The campaign is citing the burden it would place on taxpayers -- the issue that has made the overall bailout unpopular in the polls.
UPDATE: Here's the statement from the campaign's economic policy director, Jason Furman.
Senator McCain’s first response to this economic crisis was to say that the fundamentals of our economy are strong. Since then, he’s acknowledged that there is a crisis and offered multiple plans, sometimes conflicting. Last night, in his latest attempt to get it right, he threw out a proposal that appeared to give the Treasury authority it already has to re-structure troubled mortgages. But now that he’s finally released the details of his plan, it turns out it’s even more costly and out-of-touch than we ever imagined. John McCain wants the government to massively overpay for mortgages in a plan that would guarantee taxpayers lose money, and put them at risk of losing even more if home values don’t recover. The biggest beneficiaries of this plan will be the same financial institutions that got us into this mess, some of whom even committed fraud.
Since this beginning of this crisis, Barack Obama has demanded that any rescue plan must protect taxpayers and ensure that they share in any profit once the economy recovers, and he worked to include that principle in the plan that passed Congress. John McCain’s plan to overpay for bad mortgages by handing taxpayer dollars over to big financial institutions is erratic policy-making at its worst, and it’s not the change we need to strengthen our economy, create new jobs, and keep Americans in their homes.
There are many helpful articles on this plan already posted. Keep reading for a while, I’d say.
“I don’t like this plan either, but (1) I thought Biden said in the VP debate pretty much the same thing and (2) isn’t there some provision for this in the “bail out” plan already?”
I think there’s the authority, but no funding beyond the $700 billion. And it’s understood by all that Paulson is going to use that money to buy out the CDOs and other mortgage securities, not individual mortgages.
“There are many helpful articles on this plan already posted. Keep reading for a while, I’d say.”
Well, I didn’t see any other articles giving Obama’s opposition to it and attempt to score political points off of the proposal.
Obama sees the real numbers plus the 6 to 10 Bradley effect
In the words of father Flager
Obama was President then came this chic from Alaska carry guns.
Yo uare absolutely correct, Obama’s own running mate said that he and Obama are going to not only have bankruptcy judges rewrite loan terms, but reset the principal on loans.
It makes Obama look like a fiscally-prudent candidate compared with McLame.
Actually, I wouldn't be surprised if both spent the same amount. McLame keeps saying he's always been against big government, but all of his votes show he's lying.
I hate that I'm likely to vote for this guy, and simply because Palin will be in Washington, even though she'll have no influence.
This is a truly sad election. I can't stand RINOs.
probably the only thing I have ever agreed with Obama on...
(not that I believe him, he probably thinks this doesn’t go far enough, and that these victims should get their houses free and clear)
That’s pretty pathetic when a communist like Obama runs to the RIGHT of the Republican candidate on this issue.
McCain stepped in it big time on this one. He tried to run to Obama’s left, and now Obama gets to run to McCain’s right and masquerade as a centrist.
WTF was McCain thinking?
“This is a truly sad election. I can’t stand RINOs.”
I knew McCain was a RINO going in and resigned myself to that. But I’m tired of him making politically stupid proposals. Someone needs to tell McCain that, during a campaign, you’re supposed to make proposals that voters like. Obama knows that, that’s why he’s “proposing” a middle class tax cut and mentions it all the time. Of course, he has no intention whatsoever of actually implementing it, but it’s a lie that’s helpful to his politcal cause.
Last night McCain was talking about cutting entitlements (ouch in Florida), cutting all federal agencies (ouch in Virginia), and this mortgage bailout just doubles down on the bailout concept that the public hates.
Just think where McCain would be now if he had come out against spending a dime of taxpayer money on bailouts of any kind. I expect he’d be in the lead, especially since the stock market has tanked anyway.
It’s like the guy wants to lose the election or something. I can accept the RINO part (considering the alternative), it’s the politically stupid proposals that make me want to pull my hair out.
I’ve read that this is part of the $700 billion package which allows this portion to be used for this purpose.
As such, BO voted FOR it as part of the plan. Or he ... voted for it before he voted against it
Obama is not running to the right on principle... he's running to the right to oppose McCain... in other words, Obama doesn't mean it...
Oh, I’m sure of that. But what the hell is Mccain doing putting himself in the position of an economic socialist? ACORN might have to endorse him now.
Yeah Joe said that in the debate
This is like shootig quail on the ground.
No one will care what Joe Biden says. But conservatives better care what McCain says. He stepped in it.
If Obama wins (May that be a gigantic if) will history repeat itself?
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