Looks as if McCain’s stupid plan, modified at the last minute to make sure that the taxpayers are certain to get hurt for the benefit of the big institutions that created the crisis by making rotten mortgages and buying rotten mortgage paper, is also illegal. Part of the taxpayer protection that Frank and Dodd built into the Paulson plan before it passed, for which John McCain takes credit, forbids the Treasury from paying more for an asset than the current holder paid.
No wonder McCain wants to talk about Ayers and ACORN. If he had to talk about his program, even his mother wouldn’t vote for him.
