Friday, October 3, 2008

More on the Biden-Palin debate - a question for McCain

From Art Perlo:

The really big news in the vice presidential debate last night has been missed by virtually all of the commentators. It came early in the evening, after the moderator, Gwen Ifill, questioned the candidates about the bankruptcy law and its effect on homeowners.

Senator Biden: [Barack Obama and I agree that] we should be allowing bankruptcy courts to be able to re-adjust not just the interest rate you're paying on your mortgage to be able to stay in your home, but be able to adjust the principal that you owe... That would keep people in their homes, actually help banks by keeping it from going under. But... I believe John McCain and the governor don't support that.

Gwen Ifill:: Governor Palin, is that so?

Governor Palin: That is not so.

It sounds as if Governor Palin clearly stated that she and John McCain would support allowing bankruptcy courts to adjust mortgages in favor of struggling homeowners. If that is true, it would give substance to Palin's claim, during the debate, that McCain is “committed to of putting government back on the side of the people and get rid of the greed and corruption on Wall Street and in Washington.”

There is a simple test to see if Palin's claim has any substance. Will McCain show leadership and bipartisanship by proposing that Senators Obama and Biden join him in pushing to pass this bankruptcy legislation immediately? The proposal was killed in the Senate last April after encountering “stiff opposition from many Republicans as well as the banking and mortgage loan industries,” according to the New York Times. (April 4, 2008) But with McCain's backing, there should be no problem getting this legislation through Congress now.

The issue is certainly urgent enough. Every month's delay means another 100,000 families, or more, lose their homes.

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