He wants to tell you that he does – but….
This is from today:
That agency, a Mortgage and Financial Institutions trust, would work with the private sector and regulators to identify institutions that are weak and fix them before they go broke.
“The underlying principle of the MFI or any approach considered by Congress should be to keep people in their homes and safeguard the life savings of all Americans by protecting our financial system and capital markets,” McCain told the Green Bay Chamber of Commerce in Wisconsin.
McCain said the agency would be an early intervention program to help financial institutions avoid bankruptcy, expensive bailouts and damage to their customers.
McCain’s campaign announced his speech Thursday night after Wall Street witnessed the federal government take unprecedented steps this week to stabilize the economy, including the takeover of the insurance giant American International Group Inc. in exchange for an $85 billion loan from the Federal Reserve.
This is from April 10th 2008:
McCain plans a more comprehensive economic speech for next week, but came here today to blunt criticism from Democratic rivals Barack Obama and Hillary Clinton that he is insensitive to the plight of ordinary Americans.
“Let me make it clear that that in these challenging times, I am committed to using all the resources of this government and great nation to create opportunity and make sure that every deserving American has a good job and can achieve their American dream,” he said.
On the housing crisis, McCain once again made clear his opposition to broad federal intervention or bailouts. He said he continues to oppose helping those who engaged in and fed the speculative frenzy in the housing and credit markets
“Tax breaks for builders, funds to purchase homes in foreclosure, and tax credits that are not targeted to where the need is greatest do not constitute the federal help that is warranted,” he said.
Instead, McCain proposed a federal program that would require individual homeowners to seek help from the federal government and, if they qualified for assistance, emerge with a restructured mortgage that would allow them to stay in their homes.
Not quite the same is it? That isn’t just a flip-flop but a massive swing to a nationalisation of the housing market and mortgage companies – OK, well not that far but the distance is the same as western Canada to London, England.
There is a matter that politics plays in this situation – but McCain, in this latest crisis is to say what people want to hear rather than sticking to what he first said months ago. Principled and honourable? Not if McCain is saying something.
I am sure that many will see through what McCain is saying now – but you can bet, if he should be elected, he will revert back to his deregulation theory that he took way back in April.
[Reuters] More here.
All this shows that McCain is basically trying to get over to those Republicans who support him that he has an idea of what he is doing – all quite the opposite as we know. While Obama is taking advice from several different economic advisers McCain is sticking with the sound-bite and a pre-screened speech.
Not the American home-owner in mind – just some new real estate called the White House.