Wednesday, October 08, 2008


Two Governor Palin zingers from her stump speech today in Bethlehem, PA: Obama is … “trying to talk his way into the White House.”

“Last night John McCain talked about real and practical solutions. Barack Obama talked about why he’d rather run against George Bush.”

WASHINGTON—Scrambling to repair his image on economic issues, Senator John McCain proposed during Tuesday night’s debate a $300 billion plan authorizing the treasury secretary to buy the mortgages of homeowners in financial trouble and replace them with more affordable loans.

The campaign of Senator Barack Obama quickly countered by saying that the financial rescue plan that President Bush signed into law last week already gave the treasury secretary such power. And, his advisers noted, Mr. Obama recommended such a step in a news conference nearly two weeks ago.

The Obama camp is correct that the new $700 billion bailout of the financial system gives the Treasury the authority to buy troubled mortgages. But the law leaves unclear how the authority is to be used, according to a person who was privy to the recent legislative negotiations between the White House and Congress and who is not affiliated with either campaign.

The mortgage renewal idea actually originated with Senator Hillary Rodham Clinton, said Charlie Black, a senior adviser to Mr. McCain. And Mrs. Clinton, who proposed the idea in a recent newspaper column, borrowed it from a Depression-era New Deal agency, the Home Owner’s Loan Corporation (HOLC).

As Mr. McCain’s campaign described his program, it would be available to mortgagors for whom the property is their primary residence, who can prove they were creditworthy when the original loan was made and who made a down payment. “Lenders in these cases must recognize the loss that they’ve already suffered,” a McCain campaign summary said.

Read it all.

Yes, it is John McCain once again reaching across the aisle to give credit where credit is due—to a superior idea and its author. Barack Obama is playing catch up, as usual. This borrowed idea geared directly to assist the struggling American working class rather than the fat cats has already encouraged many PUMA (solid HRC supporters) groups to strengthen their resolve to pitch their tents in the McCain-Palin camp.

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