October 10, 2008
RARE UNANIMITY ON ECONOMIC POLICY.... Since unveiling his "Homeowner Resurgence Plan" during Tuesday night's debate, John McCain has run into a little trouble selling his proposal. First, the plan might be illegal. Second, Democrats are beating McCain over the head with it. Third, economic experts think it's a horrible idea.
Now, McCain's conservative allies hate his idea...
John McCain is facing a fresh round of anger from members of his own party deeply opposed to the Arizona senator's proposal for the federal government to purchase troubled mortgage loans. [...]
[A]t a time when McCain can't afford to worry about a lack of support from his party's base, several conservatives are openly criticizing the plan as a flagrant reward for reckless behavior among lenders.
...and congressional Republicans aren't sold, either.
How seriously are Republican members of Congress treating John McCain's new $300 billion proposal for the government to buy up troubled mortgages?
On Thursday afternoon, the Huffington Post reached out to roughly two dozen press offices for Republican members of the Senate Banking and House Financial Services committees, not one of which was ready to talk about the GOP presidential candidate's proposal in even the broadest terms.
Complicating matters, the McCain campaign was still shaping the details of the proposal after McCain announced it. McCain economic adviser Douglas Holtz-Eakin explained that on Tuesday, McCain relied on "lenders taking the hit," but on Thursday, McCain reached the opposite conclusion, wanting taxpayers to take the hit.
Maybe McCain should suspend his campaign so he can convince policy makers how great his proposal is. Right now, the only person who likes McCain's idea is McCain.
—Steve Benen 1:08 PM
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Sarah Palin says "This just proves that John McCain is a MAAAAVERICK".
I'm really hoping that Palin-McCain followers will start chanting "M-A-A-A-AA-AAAVERICK" at the rallies, like the bleating sheep they are.
Posted by: SecularAnimist on October 10, 2008 at 1:10 PM | PERMALINK
McCain economic adviser Douglas Holtz-Eakin explained that on Tuesday, McCain relied on "lenders taking the hit," but on Thursday, McCain reached the opposite conclusion, wanting taxpayers to take the hit.
And on Friday, McCain decided to make Mahmoud Achmedinajad take the hit. Then it was time to gather up the KKKeystone KKKops for another campaign appearance.
Posted by: Dennis - SGMM on October 10, 2008 at 1:14 PM | PERMALINK
Going on right now Andrea Mitchel going at it with McCain economic adviser Re the latest Ayers/Daly /Rezeco ad. He just comes across as stupid, Andrea Mitchell is incredulous that they are pushing the Daly connection in that he is a Republican and has worked with John McCain ..advanced desperation.
Posted by: John R on October 10, 2008 at 1:16 PM | PERMALINK
I just wanna know when we can start singing?
Na na na na, na na na na, hey hey hey, goodbye!
Posted by: Naz on October 10, 2008 at 1:18 PM | PERMALINK
several conservatives are openly criticizing the plan as a flagrant reward for reckless behavior among lenders.
Why do I find this unlikely? Oh, yeah. Because this is CNN's claim and I suspect the conservatives they are talking about are more likely to blame only reckless borrowers.
Posted by: Danp on October 10, 2008 at 1:26 PM | PERMALINK
McCain needs to suspend his campaign so he can get his story straight, maybe 3 weeks would do it.
Meanwhile Palin can further her education and try to get the Troopergate thing finished.
Posted by: Capt Kirk on October 10, 2008 at 1:39 PM | PERMALINK
It is reckless borrowers! There are four hundred thirty five in congress, two hundred in the senate and one in the executive office. Add a majority that elects these idiot's.
Posted by: EC Sedgwick on October 10, 2008 at 1:44 PM | PERMALINK
Is John McCain's vision for America filled with hatred and violence? Is it filled with hostility toward different opinions? Is it reflective of the priviliged v. the commoner? Does he have a sense of decency that transends his current rhetoric? Is he capable of ameliorating the divide he is currently massaging with his vitiol? Inquiring minds in the MSM need to begin asking these questions and more if we, the American public, are to learn who truly is the real John McCain. -Kevo
Posted by: kevo on October 10, 2008 at 1:48 PM | PERMALINK
This is interesting, now on MSNBC, Andrea Mitchell wife of former Federal Reserve Board Chairman Allen Greenspan doing an interview with a young man about college grads having a tough time getting a job.
What I find fascinating about this whole issue here, the wife of former Board Chairman one of the most powerful women in the world just talking in what appears to be a lazy way with ideas with a young man about college jobs. Talking about problems for College grads having problems getting a job just baffles me. This chick, Andrea Mitchell has no business making opinions on the public air waves; it is a contradiction of the extreme elite.
Then repeating what seems politely every negative theme there is about Obama. On, and, on, and on, and on, about why is McCain talking about William Ayers a radical? The reason is moot; Obama was eight years old when this guy Ayers was in action. Sheesh.
If I where in charge of that trillion dollars for Obama I would allocate money to every major university creating jobs right out of college and around college to inspire young entrepreneurs and science persons to work in advanced research and development for fuel efficient cars. Universities should have fuel cell operations and development projects. Students should be given fuel discounts for their families. Teacher should be given American Idol type compensation to deliver quality free course ware videos on the Internet, that type training in college degrees. For that teacher that can create the attention and teach at the same time deserve incentive compensation, and I mean huge compensations. Hollywood style. Big time money for a good job.
Time for action hey…education, research and development could very well be an engine to turn the page in history.
Posted by: Megalomania on October 10, 2008 at 2:00 PM | PERMALINK
If bad loans caused the problem then refinance the loans.
Why should the markets fall by half if the problem is a few percent of bad loans?
Derivatives, you say? Nobody knows what those are anyway. Heavily tax profits from derivatives to recover losses.
You go into a bar and order a beer. The bartender fills the glass with too much foam. Blow the foam away and drink the beer.
Why do stocks that have nothing to do with housing or finance companies fall in value?
This is a classic panic. It is psychological.
Get a grip.
Posted by: deejaayss on October 10, 2008 at 2:28 PM | PERMALINK
Why do stocks that have nothing to do with housing or finance companies fall in value?
401-k's bailing!
Posted by: EC Sedgwick on October 10, 2008 at 4:12 PM | PERMALINK