John McCain took the bold step to push for RCT-2.0 - Resolution Trust Corp. and things happened to actually do something - The DOW jumped 400+ Points.He also called for the immediate 'firing' of SEC Chair Cox.
Senator Obama asked voters to do his job for him 'You can fire them all' or some such
Fighting Bob La Follette nonsense. Joe Biden called for Patriotic Taxes.
Steve Huntley of Chicago Sun Times put things into clear perspective:
Bad economic news favors the Democrats, and this week's news took some steam out of the GOP campaign. But it was McCain, not Obama, who seized the initiative in proposing a long-term solution. He called for creation of an agency like the Resolution Trust Corporation that resolved the savings and loan crisis of the 1980s by assuming and later selling the bad loans. McCain's Mortgage and Financial Institutions Trust would take a similar approach to today's debt.
McCain will flesh out his idea today. When word reached Wall Street that the Bush administration was considering a similar idea, stocks surged 400 points.
It seems like a moderate, reasoned approach. Interestingly enough, a Rasmussen poll finds more Americans worried that the government will do too much tinkering with the economy rather than not enough. That shows support for the GOP philosophy of a lighter hand on the economy.
Unfortunately for Obama, while McCain pushed a new idea, Democratic vice presidential nominee Joe Biden was talking about tax increases. A struggling economy is the wrong time to raise taxes, as Obama seemed to acknowledge in an ABC interview Sunday. But if that's his new thinking, Biden apparently didn't get the message.
Change is Coming!