McCain’s Non-New New Rescue Plan

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"McCain’s Non-New New Rescue Plan"

I heard a certain amount of talk on the CNN post-game commentary to the effect that McCain had some kind of new plan to buy home mortgage debt and help restructure loans. This isn’t a new plan at all, it’s a description of provisions in last week’s rescue package.

UPDATE: To clarify, the emergency package grants the Treasury Department the authority to do more-or-less what McCain proposed, something progressive legislators pushed to include in the package. People didn’t discuss it much because the general understanding is that Secretary Paulson doesn’t favor taking those steps.

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