John McCain's Plan to Ignore the Economy

Andrew Leonard, Salon

"I will not play election year politics with the housing crisis," declared John McCain in a "major" speech on the economy to be delivered Tuesday morning in the Republican-friendly confines of Orange County, Calif. The implication being, of course, that his opponents are engaged in doing precisely that -- taking advantage of the nation's deepening economic woes to score political points. Exhibit A: Hillary Clinton's "major" speech on the economy delivered in Philadelphia on Monday.

It is instructive to compare the two speeches. Clinton's speech was larded with references to previous statements she has made concerning the housing crisis and Wall Street's credit crunch that date as far back as a year ago, and was packed with specific proposals for tackling the foreclosure crisis and associated ills. One can criticize or disagree with her analysis or approach, but the record is clear: the senator from New York has been engaged with the deteriorating economy in real time. McCain, in contrast, has no such record to fall back on, and made only two substantive policy proposals in his speech.

First, it is time to convene a meeting of the nation's accounting professionals to discuss the current mark to market accounting systems. We are witnessing an unprecedented situation as banks and investors try to determine the appropriate value of the assets they are holding and there is widespread concern that this approach is exacerbating the credit crunch.

We should also convene a meeting of the nation's top mortgage lenders. Working together, they should pledge to provide maximum support and help to their cash-strapped, but credit worthy customers. They should pledge to do everything possible to keep families in their homes and businesses growing.

That's it. John McCain's economic plan is to convene a couple of meetings. Oh, and some more tax cuts. What's that I hear? The sound of Ohio voting Democratic? It's one thing to make a high-minded pledge to eschew "election-year politics." It's quite another to act willfully ignorant of the pressing concerns of millions of Americans.

We must avoid this at all costs. We can't take any more, or it'll bankrupt our country.

Sure, help the banks and predatory lenders, and screw the public. (Like we haven't been screwn already.)