In the spin room following the debate, I caught up with Doug Holtz-Eakin, and asked him about an issue of concern for a lot of conservatives. How can he reconcile McCain’s advocacy of a free market approach to issues such as health care with his proposal to support government-engineered refinancing of mortgages to avert forclosures?
“He’s looking for the most effective way to stabilize the housing market — this happens to be it. Letting 14 million mortgages fail is going to be disastrous for the population as a whole. So it’s borne of the circumstances. It’s not something he would have liked to have had to do. It is not something he is going to let us be put in the position of having to do again.”