McCain Let U.S. Down

I'm disgusted the Senate's approved that monstrosity of a 450 page "economic rescue plan".  Back up for a minute.  What brought the greatest country in the world to it's knees - at least it's financial markets?  Too much "Toxic Paper"!  It's unclear to me this bill does anything about toxic paper - might even be worse.

Under Clinton's masterful, shameful use of Carter's Community Reinvestment Act (CRA), Clinton quintupled sub-prime loans from $200 billion to over $1 trillion by the end of the 1990s.  Now, $200 billion is important; Over $1 trillion is really important.  Over $1 trillion of toxic paper is Clinton's legacy that our financial markets are choking on. 

Bankers in Germany, Japan and Dubai never guessed that something called "U.S. mortgage obligations" might contain mortgages made without income verification.  Once they found out, they tried to dump those mortgages but they were so intermixed in very, very complex Wall Street creations that it was hard to figure out what any U.S. mortgage-related product was worth.

The result?  A loss of confidence in U.S.

We don't need a windfall $700 billion bailout for those who profited.  Let Wall Street sort out it's own mess of complex products.  We certainly don't need more pork, especially now - it sickens me that Congress added more pork and tax breaks during a national crisis and McCain went along with it.

The way to restore a crisis of confidence is pretty simple.  Take solid lasting steps that demonstrate you're being honest and effective.  In addition, any plan put forward must be in place for 5 years so people and business has confidence the next President will not undo what's done now.  

Here's a plan that will restore confidence in our government and our markets:

1. Dodd, Frank & Paulson Must Resign – These three Democrats have betrayed the public’s trust, with historic results, and need to go now.  Their resignations say loud and clear:  Corruption in Washington caused the problem, not free markets.   
2. 5 year phase-out of gov’t-sponsored sub-prime loans - the “toxic paper” that crippled our credit markets. 
3. Suspend the mark-to-market rule – this will repair distressed bank balance sheets overnight (see below).
4. 5 year suspension of cap gains tax – this will flood US financial markets with new capital and not penalize folks who invest in America when we need it most.
5. Life the Ban on Offshore Drilling - this single act will lower structural costs for families and businesses across the country and around the world and jump-start the economy.   

This is the kind of plan I would have expected John McCain would champion.  It's about accountability, reform, energy independence and prosperity.  If McCain and the President had insisted on this plan, the Democrats would have to a) go along or b) vote against the bill and risk financial catastrophe and the voter's wrath in one month.  We would end up with more freedom, not less.

Either way, we would have the Change We Need.

Instead, McCain voted to keep the car going down the wrong road rather than make a U-turn that may be difficult but respects the will of the people, respects the science of free market economics and restores confidence in our government to do what's right for voters, not campaign donors. 

McCain went along to get along.  I'm very disappointed.

If McCain can't take the lead on this "bailout" maybe McCain-Palin will lead U.S. by running on a similar plan that will restore the crisis of confidence.