The story is all over the news tonight. Here’s the Washington Posts’ take. A few choice quotes:
“But he (McCain)declined to embrace the kind of government intervention for individuals and institutions favored by Clinton and Obama, arguing that “it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers.”
It’s about time someone said that the government shouldn’t bail out stupid people. However, I don’t agree with McCain on who is deserving of being bailed out. McCain also said “We have a responsibility to take action to help those among them who are deserving homeowners.”
Many (probably most) of those facing foreclosure were never “deserving homeowners”, they were idiots who lived beyond their means, they took out interest only or adjustable rate loans, and they somehow act surprised when the bill for their overspending comes due. See my post earlier tonight for a prime example of this.
So obviously I disagree with McCain on the details, but at least he’s saying that not everyone should be bailed out. On the other hand, Obama and Clinton seem to be in a contest to see who can give away more taxpayer money.
The same story attributes this to Clinton: “McCain’s plan, she said, does virtually nothing to ease the credit or housing crisis. “It seems like if the phone were ringing, he would just let it ring and ring and ring,” she said.”
Cool – the less the government does to “ease” the credit and housing “crisis” the better I feel about it.
And – in what has to be one of the most futile efforts ever – Obama today “outlined what he called a second stimulus package that would cost about $30 billion and include assistance to individuals and areas hard hit by the housing crisis.”
Idiot. The Fed loaned $38 billion today, and is approaching $500 billion in new money give aways since September. That much money hasn’t headed off the current credit and housing problems – and the $160 billion stimulus package coming soon to a mailbox near you won’t make a dent in it either – so why would Obama think $30 billion will have any impact?
Let’s put it this way: All three major candidates are wrong on these issues. The only consolation is that McCain is less wrong than Obama and Clinton. But none of them have a clue, and I don’t see any hope that they’ll get smarter before election day.
gk
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