Wednesday, October 8, 2008

Senator McCain: You Cannot be Serious!

With apologies to John McEnroe, Senator McCain’s proposed nationalization of a portion of the private mortgage market—purchasing up to $300 billion in mortgages directly from homeowners and replacing them with new, fixed-rate mortgages based on the lower value of their homes—extends the $700 billion “rescue” of financial institutions to a more expansive level of government involvement in the economy. Let’s call it for what it is, “A New New Deal.” Perhaps David Stockman was right when he said that “There are no real conservatives in Washington.”

During the second presidential debate of October 7, 2008, McCain offered little to nothing to conservatives. Running under the Republican party banner, he repeatedly promised to reach out to Democrats to enact the major proposals of his campaign.

What’s next from Senator McCain? How about more billions to buy shares of stock that constitute the S & P 500 to prop up the stock market? Billions for delinquent credit card accounts? A new TVA-style Government Energy and Reconstruction Company?

“Say it ain’t so, John. Say it ain’t so.”

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