Wednesday, October 08, 2008

I'm voting for McCain

Okay, just kidding, but McCain said made the most (and maybe only) sensible proposal to deal with the economic crisis that I've heard so far.

The Arizona senator said he would cut taxes for all Americans and proposed a new policy in which the Treasury secretary would "buy up bad home loan mortgages."

The proposal would cost about $300 billion, which the campaign says would come out of the $700 billion financial bailout package passed by Congress last week, according to a fact sheet distributed by the McCain campaign.

"Let people be able to make those payments and stay in those homes," McCain said. "Is it expensive? Yes. But until we stabilize, we're never going to be able to turn around and fix jobs. We got to bring trust and confidence to America, and I know how to do that."
This is what I've been looking to hear for a while now, and McCain said it. This addresses the root of the problem, not just symptoms. While deregulation is also at the root of the problem, fixing that won't change anything for years. Fixing as many shady mortgages as possible will go a long long way toward improving the situation both for homeowners and for the banking industry. Why the banking industry hasn't been doing this themselves is a bizarre mystery to me, but clearly they need to be told what to do. I applaud McCain for this proposal. Whether it's just smoke and mirrors or not remains to be seen, but at least he's got it on the table, and that's a good thing.