It was one rollercoaster of a day yesterday. At first it seemed like there was a deal on the bailout proposal that Dems & Repubs had been working on all week. Then John McCain swooped in like a REALLY OLD Mighty Mouse to "Save the Day!" All of a sudden, House Republicans were revolting against the proposal they’d been laboring on with their Democrat colleagues. These proud stalwarts of the public interest attempted to give the impression that their new party leader floated his own bailout proposal — yet the offered zero evidence that he had anything to do with it.
Well, as it turns out, The Olden One —who has recently taken to calling himself a "regulator," despite a 26-year Senate record to the contrary — has a few problems with the bill. Mainly that there should be LESS regulation and oversight and MORE tax breaks for corporate America.
Here’s a rundown of McCain’s issues with the bailout, lifted entirely from AmericaBlog:
- Two oversight boards would be formed—one with congressional representation, another would have the power to undo decisions by the Treasury Secretary.
- The Treasury Secretary would be prohibited from acting in an arbitrary or capricious manner or any way inconsistent with existing law.
- Regular, detailed reports would be made to Congress disclosing exercise of the Treasury Secretary’s authority.
- An independent inspector general would be set up to monitor the use of the Treasury Secretary’s authority.
- The Government Accountability Office would be required to perform audits to ensure proper use of funds, appropriate internal controls, and to prevent waste, fraud, and abuse.
- Maximize and coordinate efforts to modify mortgages for homeowners at risk of foreclosure.
- Loan modifications would be required for mortgages owned or controlled by the federal government.
- A percentage of future profits from the bailout fund would be made available to the Affordable Housing Fund and the Capital Magnet Fund to meet America’s housing needs.
Frankly, I am really looking forward to hearing how he spins all this at tonight’s debate. Meanwhile, while McCain is busy injecting presidential politics into this crisis, Washington Mutual, one of America’s largest banks, has failed.