Scott Allan’s World

Just the mere fact that John McCain has suspended his campaign to work on the solution has the Dems all in a panic.  This is why everybody loves McCain.  He truly always puts his country ahead of his aspirations (think Iraqi Surge) and it just so happens to be a politically savvy move at the same time.    He very cleverly boxed in Obama who had no choice but to say all this multi-tasking nonsense which makes it look like he doesn’t find this crisis to be as important as his campaign. I am quite sure the American people prefer action over talk.   If the negotiation goes past the debate and McCain doesn’t show up, Obama looks really bad for not doing the same thing and the Dems cannot let this happen.   After all the debate is on foreign policy, not the economy.  The Dems are probably very likely to concede to many Republican demands.   I understand the need for an immediate injection of cash into the economy, but I don’t see why we need to fund ALL illiquid mortgages. It’s a very dangerous precedent.  I also really like the GOP idea of using free market methods of injecting cash such as suspending the Cap Gains tax.   I would like to see a combination of methods for immediate and long term solution.  Perhaps buying $100 billion to start with plus a suspension of Cap Gains and see what effect that has.  We can always purchase more later if that is really the only solution.  I really hope McCain is concentrating on the regulations that will prevent this from happening again.

I really hope McCain goes after Obama on the economy from here on.  All of Obama’s policies for raising taxes on the rich including raising the cap gains tax would certainly be detrimental to an economy in desperate need of cash.