Solid as an Oak, McCain Changes His Latest Bailout Plan

Overnight, in the cover of darkness, John McCain snuck in a change to his proposal for a second tax payer funded government bailout plan worth $300 billion. His newest plan is in addition to the $700 billion plan passed last week by Congress.

The Politico reports:

When McCain sprang his surprise idea at the start of the debate in Nashville, his campaign posted details online of his American Homeownership Resurgence Plan, which would direct the government to buy up bad home mortgages, allowing strapped people to keep their property.

The document posted and e-mailed by the McCain campaign on Tuesday night says at the end of its first full paragraph: “Lenders in these cases must recognize the loss that they’ve already suffered.”

So the government would buy the mortgages at a discounted rate, reflecting the declining value of the mortgage paper.

But when McCain reissued the document on Wednesday, that sentence was missing, to the dismay of many conservatives.

McCain's removal of the phrase makes Barack Obama look like an economic genius. At the debate on Tuesday Obama said he opposed McCain's latest bailout proposal because it would force government to pay face value for worthless pieces of paper. And guess what?

That would mean the U.S. would pay face value for the troubled documents, which was the main reason Sen. Barack Obama (D-Ill.) gave for opposing the plan.

So McCain's very bad socialist plan just got a lot worse overnight. Brilliant!