Take a point off the tally

One of the things I thought McCain likely scored a point with last night was his plan to buy mortgages and refinance them at their current value. It has a common sense ring to it, and one I imagine plays well to trouble Middle America. The fact that the homeowner won't be bailed out, but rather readjusted to a different expectation of repayment, appeals to their sense of fairness while also solving their individual problems.

But, as I sensed was possible last night before I had looked into it, it won't work. Or at least this is the opinion of Georgetown law professor Adam Levitin, as detailed in Salon's "How the World Works" column.

In fact, the basic premise of the "American Homeownership Resurgence Plan" belies a lack of understanding of the fundamental interconnectedness, or the Gordian Knot is perhaps more accurate, of financial markets. These mortgages aren't quaint notes on parchment stored down at the City Hall; they are complex financial products with complex ownership relationships.

But, I don't think that matters to McCain, because the plan is really a chit being played in a political game. His campaign knew it would sound good, and that would be enough for Joe SixPack. "Details are for elite sissies, or any other rube foolish enough to think I actually believe this plan will ever see the legislative light of day."

McCain's a flip-flopping, disingenuous hypocrite. He's rolling out a loose, detail-less "plan" that will hugely inflate government and demand giant piles of taxpayer money, shredding any notion of him as a conservative or even vaguely competent to help run this economy. Don't hesitate to disabuse anybody that spouts McCain's plan of the notion it is workable or sensible or coherent, and don't doubt this shows just how without ideals McCain is in pursuit of victory.

Salon: The fatal flaw in McCain's mortgage plan