Wednesday, October 08, 2008
Dow Heads South for Fifth Day in Row
This is why the McCain campaign has come unglued over the last two weeks. The American economy is heading south, along with the Dow Jones Industrial Average, and Americans are worried about their families' economic future. The "free-market" philosophy of the GOP, which McCain has been a part of ever since he became a politican, has no answers for what is happening.
That's why, during the presidential debate of October 7TH, McCain came out with this rather amazing idea of buying up all the bad mortgages in America and replacing them with government loans. Now, apparently, the recently passed bailout bill does give the President the authority to do just that, and maybe it is a great idea, but it is not a conservative, free market idea.
One of the interesting developments over the next few days will be to watch how conservatives react to this proposal. Our guess is that they won't like it one bit. It will further demoralize the base of the Republican Party, which was getting behind McCain because of Palin. Now, along comes McCain and suggests something that even the Democratic candidate running for President didn't suggest. Not something designed to appeal to the base.