$300,000,000 Mortgage Plan: McCain drops bomb that might sink the Republican Ship

     Did Sen. John McCain drop a bomb that will ultimately sink the Republican ship, as Nina Easton of Fortune magazine commented after the Presidential Debate at Belmont Unviersity?

    Citing that the $700 Billion dollar bailout (McCain called it a Rescue) would not be enough, McCain said that he would propose a $300 billion dollar program that would enable the Treasury to buy bad mortgages and modify the mortgages to enable the homeowner to retain their homes at the new decreased market rates.

    This plan, first of all, caught McCain’s surrogates offguard. Mitt Romney was as surprised as anyone when he heard the plan mentioned. The pundits have said that McCain should probably have laid initial groundworkfor this idea before it was a part of his comments tonight.

     Additionally, McCain did not mention the conservative economist who is in support of this plan. The principle goal is to get  property values back in check. As I have stated before, I find this concept unfavorable because those whose mortgages are not at risk will see their values decrease further as the riskier mortgaged homes are modified and the property appraisers re-evaluate all values on a comparable basis.

     This basically “flies” in the face of the conservative base values, as I see it. The next few days will show exactly what Sen. McCain was suggesting, and what impact it will have, both on the economic recovery and the future of a McCain Presidency. Quoting Michelle Malkin “We’re Screwed 08”.