Wednesday, March 26, 2008

McCain To Subprime Mortgage Victims: Eh, So?

John McCain sat down in Los Angeles yesterday to map out what he proposes to do about the housing market fiasco going on, especially with foreclosures on a perilous rise and the industry's effect on the market as a whole. While Barack Obama and Hillary Clinton want to help lenders who were taken advantage of to some degree, McCain has other ideas.

From The LA Times:

In a speech at a small printing business in Santa Ana, the presumptive Republican nominee said he was "committed to the principle that it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers."

McCain cited the $30-billion plan by New York Sen. Hillary Rodham Clinton to aid homeowners and communities threatened by foreclosures, saying that it sounded "very expensive" and that he would "like to know how it's paid for."

His remarks came as the mortgage crisis and related economic troubles increasingly are moving to the forefront of the presidential campaign. Clinton and the Democratic front-runner, Sen. Barack Obama of Illinois, have criticized mortgage-lending practices and called for government intervention to provide relief to homeowners.

By contrast, McCain -- who has been trying to shore up his economic credentials -- placed some of the blame on homeowners themselves, while also scolding "complacent" lenders.

Well gee Mr. McCain, that sure is nice of you to scold those lenders. I wonder why you didn't favor legislation in the last few years to back that up, but hey, what are actions when you have words? Or is that the other way around? Oh yeah and by the way, we could come up with $30 billion dollars in less than three months, as soon as we shut off the spigot that fuels this ridiculous war that you think is going so swimmingly.