Thursday, October 9, 2008

Someone old and something new

We all know the debate wasn't earth shattering; far from it. One original notion was voiced throughout the sea of talking points and it came up in the first response. From CNN's transcript, Sen. McCain:
As president of the United States, Alan, I would order the secretary of the treasury to immediately buy up the bad home loan mortgages in America and renegotiate at the new value of those homes - at the diminished value of those homes and let people be able to make those payments and stay in their homes.
Now this certainly seems to me like a substantive proposal and, please correct me if I'm wrong, I haven't heard or read any pundit discussion on this shift. I've made my feelings known, and though I'm not a rabid fan, I don't understand why Sen. Obama is the "socialist" when Sen. McCain wants the government to buy every bad loan. Would you rather the government own your home loan or equity in a institution that holds your debt? Personally I wouldn't mind that extra buffer between Mr. Paulson and my home. I'm sure some of our readers disagree with me...let me know in the comments.

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