Fear of Clowns

"Faith may be defined briefly as an illogical belief in the occurrence of the improbable."
- H. L. Mencken

Wednesday, October 22, 2008

UPDATE: Me & McCain & his once thoughtful idea 

A while ago, I commended McCain for promulgating a policy on the mortgage/credit crisis that was,

to immediately buy up the bad home loan mortgages in America and renegotiate at the new value of those homes -- at the diminished value of those homes.

Ends up what McCain meant was he wanted to pay banks for the face value of mortgages before renegotiating with the mortgage holder at the diminished value.

I incorrectly interpreted McCain's meaning of "mortgage holder" - the mortgage holder is the bank and not the homeowner as I understood.

It's the opposite of a good plan: reward the banks for issuing shaky mortgages and renegotiate terms with homeowners for somewhere between the current value of their house and what they borrowed for it.

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