SANTA ANA, Calif. — Drawing a sharp distinction between himself and the two Democratic presidential candidates, Senator John McCain of Arizona warned Tuesday against vigorous government action to solve the deepening mortgage crisis and the market turmoil it has caused, saying 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.”But the big question is what would he actually do if he was in power? The political pressure to intervene is huge no matter what the economic case is. Could McCain withstand the pressure?
Mr. McCain’s comments came a day after Senator Hillary Rodham Clinton of New York called for direct federal intervention to help affected homeowners, including a $30 billion fund for states and communities to assist those at risk of foreclosure. Mrs. Clinton’s Democratic opponent, Senator Barack Obama of Illinois, has similarly called for greater federal involvement, including creation of a $10 billion relief package to prevent foreclosures.
This New York Times report on the Clinton call for $30 billion for home mortgage crisis quotes Hillary Clinton as saying “We need a president who is ready on Day 1 to be commander in chief of our economy.” Now that is scary. The economy is not an army, the economy is not a war, it doesn't need a commander in chief.
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