Freedom, truth, love, beauty.

More Bailout Insanity from Senator McCain

I’ll admit it: Erika and I fell asleep watching the debate last night.

So I missed Senator McCain suggesting the federal government buy up every mortgage that’s underwater. That is a terrible, terrible idea.

Turns out Michelle Malkin shares my thoughts:

I can’t underscore enough what a rotten idea John McCain’s ACORN-like government mortgage buy-up is.

He spent the entire debate assailing massive government spending — while his featured proposal of the night was to heap on more massive government spending to pursue home ownership/retention at all costs.

The proposal [which will cost $300 billion] involves directing the Treasury Secretary to “purchase mortgages directly from homeowners and mortgage servicers.” That’s on top of the trillion-dollar crap sandwich (update - McCain says it would be included in the crap sandwich), the $85 billion to AIG, the $25 billion to automakers, the $200 billion in capital and credit lines to Fannie and Freddie, and who knows what else we’ll be forking over to California, Massachusetts, etc., etc., etc.