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).
