Presidential Debate; It’s my proposal not yours!
On Tuesday, October 7th, In Nashville, Tennessee, the second presidential debate was held. At this Town Hall debate, economy was the most discussed topic. “The last president to raise taxes during tough times was Herbert Hoover,” said John McCain, linking Barack Obama to the Depression-era president. Indeed, Mr. Obama said, “we are in the worst financial crisis since the Great Depression,” but he blamed the “failed economic policies of the last eight years” that President Bush authored and Mr. McCain supported. Economy is definitely what us Americans want addressed, considering stock markets are staggering, this credit crisis has spread globally and of course, retirees have lost $2 trillion.
Voters at Tuesday’s debate at Belmont University were asking question after question about the $700 billion Wall Street bailout. People were very upset and even scared it would not work, they sought reassurance and a solution. McCain announced that as president he would immediately order the treasury secretary to start buying mortgages from owners of homes that are now worth less than they owe, avoiding foreclosures at all costs to stabilize neighborhoods. The plan would cost $300 billion – out of the $700 billion approved last week by Congress – and could add to the national debt, his aides said.
“It’s my proposal, it’s not Senator Obama’s proposal, it’s not President Bush’s proposal,” Mr. McCain said. Obama made no effort to rebut his statement. But after the debate, his aides pointed out that Congress already gave the Treasury the authority Mr. McCain says he would invoke, and they noted that Mr. Obama voiced support two weeks ago for direct mortgage purchases. So if it is McCain’s new proposal, why have steps been taken to buy back mortgages before he even proposed it at the debate claiming he is the only one with this idea?
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