McCain gives up on his own mortgage plan
By: Steve Benen
About two weeks ago, John McCain, in a high-profile speech, unveiled his
response to the mortgage crisis. Despite the seriousness of the issue, the
GOP presidential nominee unveiled a classic YOYO policy: "You're on your
own."
As the New York Times noted shortly after the speech, "The real core of
his
speech was his argument against government action to help dig distressed
homeowners - or the country - out of the mortgage mess.. His suggestion
that
federal aid might wrongly reward 'undeserving' homeowners sounded both
mean-spirited and economically naive. And then there is the double
standard.
He seemed less concerned about the government helping reckless bankers,
endorsing its role in preventing the bankruptcy of Bear Stearns."
Yesterday, in one of the quicker flip-flops in recent memory, McCain
reversed course. The Wa****ngton Post, apparently anxious to give McCain a
hand, said the senator was "refining" and "revising" his plan. That's
enormously generous of the newspaper, but in reality, McCain's proposal
was
an embarrassing dud, so he gave up on it.
Senator John McCain, who drew criticism last month after he warned
against
broad government intervention to solve the deepening mortgage crisis,
pivoted Thursday and called for the federal government to aid some
homeowners in danger of losing their homes, by helping them to refinance
and
get federally guaranteed 30-year mortgages.
"There is nothing more im****tant than keeping alive the American dream
to
own your home, and priority No. 1 is to keep well-meaning, deserving
homeowners who are facing foreclosure in their homes," Mr. McCain said in
a
speech on economic themes that he gave at a window company in the Bay
Ridge
section of Brooklyn.
Funny, two weeks ago he thought these same homeowners shouldn't be
"rewarded" for acting "irresponsibly."
Perhaps the nation's callous constituency is not quite as large as the
McCain campaign had hoped.
http://www.nytimes.com/2008/04/11/us/politics/11mccain.html?_r=1&ref=us&oref=slogin
Me. Magoo McCain can't think in terms of a 30 year mortgage. He'd be 101
by
then wtih about the same ideas as he has now. None.
McCain will lose bigger then Dole in 1996. Everything the guy says is
anothe
Reagan/Bush gaff.
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