I didn't see a real big winner last night but there were two things that just jumped out at me.
One was McCain's $300B bomb and, oddly enough, Tucker Bounds was sending out an email about that same time explaining how it would work. Here are the basics of the "Plan:"
The McCain resurgence plan would be available to mortgage holders that:
· Live in the home (primary residence only)
· Can prove their creditworthiness at the time of the original loan (no falsifications and provided a down payment).
The new mortgage would be an FHA-guaranteed fixed-rate mortgage at terms manageable for the homeowner. The direct cost of this plan would be roughly $300 billion because the purchase of mortgages would relieve homeowners of “negative equity” in some homes. Funds provided by Congress in recent financial market stabilization bill can be used for this purpose; indeed by stabilizing mortgages it will likely be possible to avoid some purposes previously assumed needed in that bill.
So maybe it isn't as bad as it sounded at the time?
The other thing that jumped out at me was Obama's assertion that health insurance is a "right." Not a responsibility (McCain's response) or a privilege, but a Right. I wonder how many other "rights" are out there that Senator Obama hasn't shared with us yet? The "right" to home-ownership worked out really well, didn't it?
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