By MarketWatch
Last update: 11:58 p.m. EDT Oct. 7, 2008Comments: 170WASHINGTON (MarketWatch) -- John McCain proposed a bold new idea to save America from the worst financial crisis in 70 years: Have the federal government buy bad mortgages and modify them to keep people in their homes.
Except his idea isn't so new; it's part of the $700 billion bailout package approved by the Senate and signed by the president last week.
It was all over the news. Right in between the stories about the Dow crashing 1,700 points and the campaign ads about Sen. Barack Obama's terrorist pals.
~snip~
"I know how to do that, my friends," McCain said. "And it's my proposal, it's not Sen. Obama's proposal, it's not President Bush's proposal."
The problem, of course, is that it is President Bush's proposal. At least, it's Treasury Secretary Henry Paulson's proposal. It's the heart of the $700 billion plan.
more:
http://www.marketwatch.com/news/story/mccains-bold-new-mortgage-plan/story.aspx?guid=%7B6233F720-ADBD-49CC-AFD0-52407D80822D%7D&dist=msr_77