Apparently, John McCain brought up the idea of adjusting principle amounts for "toxic" loans purchased by the government under the bailout bill. We've been challenged by our readers over the issue and rightly so. Most of the comments went something like this one:
Eye are you planning on ever addressing the fact that McCain directly proposed adjusting mortgage principals to match current market values during the second debate? Do you actually care about this issue or are you just casting about for things to attack Obama/Biden on?It's a fair criticism... sort of. The fact is we don't care which candidate or party supports readjusting the principle value of a loan whether that loan is "toxic" or not. Wealth redistribution is wealth redistribution regardless of the party proposing it and regardless of the reasoning behind the move. It's immoral and it's wrong.
It must make you feel pretty dumb when you go out on a limb to write an attack piece in support of your candidate and then your candidate comes out in favor of and even more extreme version of what you attacked his opponents for, doesn't it?
(Sidebar)If the government purchases a "toxic" loan at full value and then lowers the principle, tax payers are giving the mortgage holder not only the difference in principle but the difference in the interest that would have been collected over the life of the loan. To the taxpayer it's an immediate loss followed by a long-term earnings loss - all with the stroke of a politician's pen.
You'll note that we haven't been blaming either party for the current mortgage debacle. The fact is they both had a hand in Fannie and Freddy's irresponsible trade in "affordable housing" loans - loans that were made to people who could never repay them.
Whether it was President Bush and his "culture of ownership" or Jimmy Carter's affirmative action for loans - government policies directly harmed the financial markets and all of those who were given those "toxic" mortgages.
This is the type of "maverick" crap that drives us crazy. McCain is consistently inconsistent and a good portion of the time he betrays his own party in the process. Democrats and Independents have always loved him for it - while conservatives are busy pulling the knife(s) from their backs.
This isn't the first time that we've been on the sharp end of one of McCain's knifes and we're quite sure that it won't be the last. However, McCain's failings don't make Obama fit to be President. Wealth redistribution through government spending and regulation are at the core of Obama's philosophy (or at least at the core of whoever it is that's pulling his strings).
We're going to have to drag Senator McCain over the finish line, and then deal with what he does in the Oval Office. We have to save the country from Obama, and then save it (and the Republican Party) from whoever McCain puts in his cabinet. We're going to have to do it one step at a time. Do not throw in the towel.If you want "maverick" - McCain is your choice. If you want limited government, restrained spending, and personal freedom - McCain is your only choice despite his propensity to betray each of those principles from time to time.
Our principles on the other hand, will not change. Biden was wrong when proposed resetting principle values. McCain was wrong when he proposed doing the same.
For now it's more important that we save the country and ourselves from a man who would make the biggest corporation in the world, larger, more wasteful, and more intrusive - while taking our money, our liberty, and endangering our lives. Without doubt that man is Barack Hussein Obama - an anathema to liberty and prosperity.