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25 Mar 2008 01:10 pm

Tough Love

From McCain's economic speech today:

I will not play election year politics with the housing crisis. I will evaluate everything in terms of whether it might be harmful or helpful to our effort to deal with the crisis we face now.

I have always been committed to the principle that it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers.

Government assistance to the banking system should be based solely on preventing systemic risk that would endanger the entire financial system and the economy.In our effort to help deserving homeowners, no assistance should be given to speculators. Any assistance for borrowers should be focused solely on homeowners, not people who bought houses for speculative purposes, to rent or as second homes. Any assistance must be temporary and must not reward people who were irresponsible at the expense of those who weren’t. I will consider any and all proposals based on their cost and benefits. In this crisis, as in all I may face in the future, I will not allow dogma to override common sense.

Couldn't agree more. But I see little reason why people foolish enough to take out shady mortgages they could not afford should be bailed out either.

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