'Economists For McCain' Trash McCain's New Mortgage Plan

Huffington Post by Sam Stein, Seth Colter Walls | Oct. 10, 2008 (News Report)

In interviews with the Huffington Post, roughly a dozen of McCain's economist supporters said they disagreed with the Senator's recent proposal -- for the government to buy distressed mortgages at face value from banks and renegotiate them with homeowners. Several viewed it as a gimmick, driven mostly by political circumstance. Only one pro-McCain economist spoke up in favor of the plan. Full Story »

Posted by Kelly Garrett

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3.9

by Samantha Neff - Oct. 23, 2008

This story cited a lot of sources, from diverse backgrounds and geographical locations, who all had unique perspectives on McCain's proposed mortgage buy-up plan, though they all seemed to have reached the same conclusions about the plans merit and potential effectiveness.

I have never read anything from this online publication, but I found this story to be one of the better criticisms of McCain's mortgage bail-out plan for troubled homeowners. I thought the idea that this kind of government financial help would promote more bad behavior was a very valid point. The people who are in trouble with their home loans have proven that they aren't the most qualified people to be trusted with easy money lending.

Michael Connolly, an economics professor at the University of Miami, called the idea “Robin Hood economics.”

I really love the mental image this quote conjures of John McCain wearing green tights and a pointy hat. Does this make Palin Maid Marion or Friar Tuck?