McCAIN'S ECONOMICS

LINK McCain’s speech in Brooklyn 4/10/08
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http://www.johnmccain.com/Informing/News/Speeches/Read.aspx?guid=dccd627d-47b6-492c-afbd-6c7100054d7b
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A genuine alternative to tax and spend and making government bigger?
In his speech 4/10/08 John McCain talks about his plan for the economy and stresses free enterprise as playing a big part in the solutions to our economic problems. Through jobs and achievement oriented projects. He stated that, “For Americans, a good job is the best program for housing, education, clothing, health care and transportation ever devised.”
Further he said, “Small business creates the majority of new jobs in America every year.”
McCain offers next short and long term goals. I noticed he didn’t offer these in terms of solutions, but framed them in more success oriented language. A pleasant change IMO. In explaining the way to fix the short term problems in housing, I was pleased to see this. “And it is not the responsibility of the American public to spare them from the consequences of their own bad judgment. The goal should be to help homeowners who are struggling, and only about $5 billion of the bill addresses their concerns in any way. I believe we can do better.” The bill he mentioned was the bipartisan bill just passed by Congress.
His plan for immediate help to the home mortgage owner is to partner with lenders to facilitate restructuring home mortgages based on basic sound economic principles such as ability of home owner to pay and market value of house resulting in as McCain stated --- “ Homeowners would end up with a 30-year mortgage and an equity stake in their home. The new lender would receive a federal guarantee of the mortgage. And the taxpayer gets a benefit if the sale value ever recovers.”
As an example of doing that was beefing up programs like “NeighborWorks America“. From their web site,
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http://www.nw.org/network/home.asp
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I found this quote
“ Just Price Solutions delivers Web-based automated underwriting that digitally connects NHSA’s safe, responsible loan products and long-term borrower support system with ground-breaking alternative credit analysis and centralized back office processing. The result is a quick, easy way to provide low-cost mortgages to a wider range of responsible borrowers. What was once a manual and tedious transaction is now handled by a streamlined, cutting-edge solution.” Also from their site was the following which talks about result oriented methodology. “Results: We are accountable for achieving excellence through measurable, impactful outcomes. “ I also liked the next quote. “Integrity: We will foster an environment of transparency and honesty that is built on respect and openness.”
These In my opinion are laudable things. Using the private sector, based on “result orientated” metrics, and streamlining the process. A primary goal should be to set up the mechanisms to keep this from turning into another “bureaucratic orientated” monster. “The result is a restructured financial arrangement for the homeowner. Over the long term, financial institutions must follow suit, writing off losses, restructuring their balance sheets, and raising more capital.”
This to me offers a better option than just giving more tax money to already bloated and inefficient bureaucracies.
Also McCain is calling for legal action. Making companies accept responsibility for wrong doing. “I am also calling for an immediate DOJ task force to aggressively investigate potential criminal wrongdoing in the mortgage lending and securitization industry. If there were individuals or firms that defrauded innocent homeowners or forged loan application documents, then the punishments of the market are not enough, and they must answer for their conduct in a court of law.”
In this speech he talks of remaking the unemployment insurance program into a more streamlined efficient “result orientated” system.
He ends the speech with this.
“Much work remains to be done on addressing the issues and challenges that will ensure we remain the largest and strongest economy in the world in the future. I believe that in order to accomplish this we must do three things. First, we must invest in the greatest resource we have, the American people. Second, we must reignite and drive a spirit of innovation in America. And third, we must foster growth and economic freedom, which really means low and effective taxes, free trade on a level playing field, small government and a smart, enforceable regulatory and legal framework.”
I heartily agree. I answer YES to the question of whether there is a genuine choice in the election of 2008. None of the above is not a solution.. I believe McCain is.
I hope he flushes out his specifics for this economic plan in the near future am looking forward to it. He is definitely not only offering a genuine alternative to the Democrats but to the current Republican leadership as well. I Truly hope my optimism is justified.
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Regards, Live Dangerously be a Conservative.