Wednesday, October 8, 2008

The lackluster debate

It's not often that I agree with Matt Drudge, but last night's debate was boring. This is probably good news for Sen. Obama's campaign because the town hall-style format does not play to his strength. At least Sen. McCain reclaimed Never again! by applying it once again to genocide, not applying it, as did his running mate, to the Wall Street credit meltdown. He also seemed somewhat affable, even towards Sen. Obama, who he clearly dislikes, perhaps even more than he dislikes Gov. Romney

I found the idea, floated by McCain, referring to the plan set forth by economist Glenn Hubbard, Dean of the Columbia University Business School, and former chairman of the President's Council of Economic advisers during the first two years of the current administration, interesting. The plan is to have the government actually buy mortgages and renegotiate the terms with homeowners. Such a plan would have been cheaper and would have dealt directly with the problem that caused the meltdown. You can get a sketch of the Hubbard Plan, which is far superior to the Paulson Plan, over on the blog Caveat Bettor, entitled Glenn Hubbard's $340 billion rescue alternative.

It is bizarre that McCain would now express support for this plan, first made public before the Paulson bailout was passed, which bailout he supported. We've committed $700 billion, that is a done deal. I do not get why do we need two solutions to one problem, especially at the additional cost of $340 billion. Decisiveness is a key to good leadership. Once you pick a plan, you're stuck with it. So, choose wisely, but only after looking at alternatives. You can't govern using 20/20 hindsight. You can learn from past mistakes, but you cannot undo what you have done.

Lighten up Francis- Now over to CATHOLIC AND ENJOYING IT, but not before a deep diaconal bow to my friend Alex.

1 comment:

  1. To James H:
    First of all, in trying to publish your comment I lost it. I am sorry for that.

    Nonetheless, if McCain had the Hubbard rescue plan before Hubbard, a plan ready-to-go, then why did he support the $700 billion Paulson bailout package? Does he really want to tack an additional $350 billion onto an already outrageously large appropriation? Let's roll with the Paulson Plan, the one he suspended his campaign and tried to a cancel a debate to help negotiate.

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