McCain on Mortgage Bailouts


Sen. John McCain (R-Ariz.) has gone from knowing nothing about the economy to becoming a free-enterprise guy to sounding like an interventionist. Reports the LA Times:

McCain, in a campaign stop at a windows business in Brooklyn, said, "There is nothing more important 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."

Well, you know what's coming next: McCain has announced a mostly detail-free plan to unburden deserving folks (of course!) of "a burdensome mortgage for a manageable loan that reflects the market value of their home." His plan, details to come sometime next week, will cost less than Hillary Clinton's or Barack Obama's, won't be a bailout for speculators or banks, blah blah blah.

That sort of turn is totally predictable. What's truly strange in the Times piece is this bit from New York City Mayor Mike Bloomberg, who was campaigning for McCain:

Bloomberg…recalled a visit several years ago to McCain's retreat outside Sedona, Ariz. He joked that the home and surrounding property were "relatively small" to be called a ranch and recalled that McCain's trademark ribs, which he grills himself, "were slightly on the well-done side." But Bloomberg said he "loved them anyways."

Question: How would McCain know if Boomer was campaigning against him?

Whole LAT piece here.

Reason Foundation's Mike Flynn on mortgage and big-bank bailouts here.

reason Editor in Chief Matt Welch wrote the book on McCain. Buy Myth of a Maverick now!