In the same answer in which he says we need to limit spending and fight the $10 trillion debt, McCain argues that we have to do something about declining home values and proposes spending money to buy distressed mortgages and then renegotiate mortgage contracts, acknowledging that it would cost a lot of money. Does he propose this on top of the bailout or as part of the bailout? Besides, wasn’t it inflated home values that helped create this mess in the first place?
UPDATE: In his subsequent answer, McCain acknowledges that the bailout isn’t enough, and that he supports further action to stabilize home values.
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