The wheels have just fallen off the McCain Bus

I am furious at the core of our party right now. Paulson’s plan will work, Bill Gross has agreed to help for no cost , some “Mickey-Mouse” concessions were made so Barney Frank (a Dem, but the brightest guy on the Banking Committee) and his party would go along. In the end, the plan is more like a taxpayer loan ,(like we gave Chrysler) and not a give-away. The taxpayer would likely make out on the deal. http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20080925/REG/809259973

And then John Boehner steps in with an alternative plan. The plan is unworkable. He wants Financial Institutions to buy insurance on their MBS’s. They have no F’n money. If they had cash on hand, they wouldn’t be where they are now. If they have to buy the insurance, any new money they receive will go towards the purchase of this insurance, not to new loans. We need new loans to grow the economy. The GOP plan calls for tax breaks and reduced regulations to solve the problem. If only this problems was caused by tax rates and tight regulations, those would be a good solutions. The problem is liquidity, the financial firms need cash.

History will show that W has been right on the biggest issues during his term. The war, the recession after 9/11 and this. Now, the GOP in an attempt to distance themselves from him, comes up with an imbecilic plan that cut his legs out from under him. And what does John “the Maverick” McCain do? He kowtows to the extreme right of the party, just like he did with the Palin pick and allows the original plan to fail. Joe Lieberman is a maverick, John McCain isn’t.

Maybe John McCain is really just ignorant when it comes to economics. That is hard to believe as he stated early in his campaign that economics was his weakness, an intelligent guy would learn it by now. He did get some economic advisors, unfortunately they are mostly buffoons. Jack Kemp and Carly Fiorina are about a qualified to be economic advisors as Gilligan is qualified to be Navigator. I have to conclude then that he is stupid.