Admit it. You didn’t think McCain had a plan to save the economy. After all, he willing admitted it’s not his area of expertise. But it turns out he does have a plan, a plan that calls for Bush to just use his special unitary executive powers and ignore Congress by ordering Treasury Secretary Paulson to buy up to ONE TRILLION DOLLARS of outstanding mortgage debt. Hey, that’s no joke. That’s what he told a business round table in Des Moines, Iowa today:
DES MOINES, Iowa – With Congress stalled on a bailout plan, Republican nominee John McCain urged President Bush on Tuesday to direct the Treasury Department to use powers already on the books to increase insurance of bank deposits and buy troubled mortgages. […]
He argued that the Treasury Department has already used a special fund to back money market accounts, and he urged that its use be broadened.
“I encourage it to use this fund as creatively as possible to provide backstops for accounts across our financial system to maintain confidence on the part of savers and investors,” said McCain.
In addition, McCain said a housing bill approved in Congress gives Treasury the authority to purchase up to $1 trillion in mortgages, and the agency should do so.
Sure sounds like a great idea, doesn’t it? Just buy ONE TRILLION DOLLARS of mortgage debt. Who from? Which mortgages? Who cares? No need for oversight. No need to wait for Congress. Just do it! Bush has all the power anyway. Who needs Congress and it’s stupid laws?
That’s the McCain way (well, at least until he changes his mind later this afternoon or tomorrow morning).
reposted from an earlier thread (because it’s relevant): progressive caucus to offer alternative plan.
also at kos.
Yeah, I saw that. Frankly I don’t think the progressive caucus has a chance in hell of getting any of those ideas incorporated into a new bill in this current Congress, much less signed by this current President, but I’m glad to see them coming forward with something.
What ideas? Does anyone have a link to the proposal? Or the press conference?
I’d like to see what they’re actually proposing, and I wonder how close it is to what some of the Republicans were floating the other day that was also supposedly based on a proposal from William Isaac.
who knows at this point. The SEIU endorsed it.
I say cut the GOP out of it, pass a democratic majority bill, and take responsibility for it. I think i got that from digby, who also has good things to say about it: I hope that doesn’t mean she has an irrational hatred of wall street, wants a great depression part 2 and doesn’t own anything.
The fact is, no matter what the democrats do, the GOP is going to throw a fit: I mean, hell they planned to throw a fit about YESTERDAY’S bailout, had it passed. they already had the ads ready to go. So since the GOP is going to cry anyway, why not give them a reason to cry and cut them entirely out of the equation; it’s not like the GOP is the majority or their president is mr. popularity. people blame the GOP for this debacle, so fuck ’em.
Cut the GOP out of it, SCRAP THE ENTIRETY OF THE BUSH/PAULSON PLAN, pass a majority bill and take responsibility for it.
You have to start from scratch at this point – the well is poisoned around the Bush/Paulson plan to the point where if anyone even suggests that the new plan is a modified version of the Paulson plan, bloody murder will be screamed. Plus the Paulson plan isn’t all that great – even with the modifications it’s more of a bill that should have a bi-partisan ownership rather than anything that either party could be proud of.
If the plan is based on sound economics and doesn’t look like a “get out of jail free” bailout but rather an emergency rescue plan, and if it is sufficiently like something that has worked in the past (like the S&L bailout, or the Swedish plan, or anything with a history of actual successes), then people will buy in. The biggest negative of the Bush/Paulson plan is that no one knew how it was supposed to work and no one could point to a similar plan that had worked elsewhere to say “this is how it will work”.
But I want to see this SEIU backed plan from the Progressive Caucus. Where’s their press conference? I thought it was supposed to happen at 3:30.
Exactly. I just hope Obama puts at least some of this in his plan. If the Dems can control the fake populists in the House they can pass a good bill there with few or no Republicans. Which could give it enough momentum to squeak by in the Senate. I don’t think Bush would dare block it.
The GOP has shot the last of its credibility and relevance on this issue. Lock ’em out of deciding the next steps.
Who the Hell is advising McCain? Or maybe he’s just too mavericky for any advisers to have any influence. In McPalin’s case “maverick” is just another word for “loose cannon”.
Wow. Well, there’s no denying it’s pretty mavericky, the way enron was mavericky. First he plays populist overseer and next day he’s wanting to give Bush unrestricted power to dump a $trillion on unknown targets?
I’m actually starting to feel kind of sorry for him. Maybe he’s made Palin his economic guru.
With all due respect…who the heck is John McCain? His mood swings match his policy swings. If I were an independent voter trying to figure out where this guy was coming from, I mean really trying, I could not figure him out. I don’t know if this is a flip flop or not, but it looks like a flip flop, it walks like a flip flop, and acts as though it were a (nother) flip flop to me. My head hurts.
Following is a post from Mike Whitney to his latest article on ICH
I rarely post comments on my own articles (except to admit my mistakes to cruxpuppy) But I wonder how many Information clearinghouse readers believe as I do, that there is a real possibility that Bush will now attempt to override the congress and declare a state of economic emergency and allocate the $700 billion for the Wall Street.
This could, in fact, be the perfect opportunity for Bush to consolidate his power behind the smokescreen of a major economic crisis.
Of course, I could be wrong
mike whitney | 09.29.08 – 1:30 pm | #
I can just see Dubya wringing his hands gleefully. Trillion, shmillion, it matters not just as long as you control the presses.