Good news!

The McCain mortgage plan seem to be forbidden by the bailout bill.

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.

Author: Mark Kleiman

Professor of Public Policy at the NYU Marron Institute for Urban Management and editor of the Journal of Drug Policy Analysis. Teaches about the methods of policy analysis about drug abuse control and crime control policy, working out the implications of two principles: that swift and certain sanctions don't have to be severe to be effective, and that well-designed threats usually don't have to be carried out. Books: Drugs and Drug Policy: What Everyone Needs to Know (with Jonathan Caulkins and Angela Hawken) When Brute Force Fails: How to Have Less Crime and Less Punishment (Princeton, 2009; named one of the "books of the year" by The Economist Against Excess: Drug Policy for Results (Basic, 1993) Marijuana: Costs of Abuse, Costs of Control (Greenwood, 1989) UCLA Homepage Curriculum Vitae Contact: