Sunday, October 12, 2008

Thumbs down to McCain's home mortgage gimmick

My recent post McCain's sky hasn't fallen just yet looked at some of the senior economists who endorsed McCain's economic plan on his website:

It's instructive to look at the scrolling list of academics who endorse the Economic Plan on McCain's website. It's the usual suspects.
In particular it looked at some of those associated with the Hoover Institution at Stanford University.

Now according to the Huffington Post, the same people are questioning John McCain's proposed home mortgage bailout:

Many of the professional economists who formally endorsed McCain's economic plan are expressing bewilderment with his most recent proposal to rectify the home mortgage crisis.

In interviews with the Huffington Post, roughly a dozen of McCain's economist supporters said they disagreed with the Senator's recent proposal -- for the government to buy distressed mortgages at face value from banks and renegotiate them with homeowners. Several viewed it as a gimmick, driven mostly by political circumstance. Only one pro-McCain economist spoke up in favor of the plan.
'Economists For McCain' Trash McCain's New Mortgage Plan

If you can't rely on Republican economists who can you rely on?

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