Last night during the debate McCain revealed his new plan for the mortgage crisis. The problem is, it seems like he pulled it out of thin air and it went completely against something earlier he said. Here is what he said during the debate:
“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 — be able to make those payments and stay in their homes.
“Is it expensive? Yes. But we all know, my friends, until we stabilize home values in America, we’re never going to start turning around and creating jobs and fixing our economy.”
The problem is, McCain keeps saying how there is going to be an across the board freeze on spending in a McCain administration, “except for defense, Veterans Affairs, and some other vital programs.” That is going to be a huge increase of spending if he follows through.
McCain also stated that this is a plan that Obama (nor Bush) would support. Again, another lie by McCain. The Washington Post reported, “The Obama campaign called the mortgage idea ‘old news,’ saying that a similar Treasury Department program is already underway as part of the economic rescue package and that Obama backed it.”
Not only that, but in a statement two weeks ago from Obama, in his own words:
“[W]e should consider giving the government the authority to purchase mortgages directly instead of simply purchasing mortgage- backed securities. In the past, such an approach has allowed taxpayers to profit as the housing market recovered. This is not simply a question of looking out for homeowners; it’s doubtful that the economy as a whole can recover without the restoration of our housing sector, including a rebound in the home values that have suffered dramatically in recent months.”
So, McCain’s new plan is only new to him. Obama suggested something similar two weeks ago and the Treasury Department is working on a plan. McCain is also going against his pledge of a spending freeze and lied about Obama’s position (as if that’s new). Can you really trust John McCain? I’ve said it before and I’ll say it again. John McCain is a liar and a disgrace.