2nd Debate Tuesday: Did McCain just take credit for Hillary's revival of FDR's mortgage fix idea?

[ProgressiveEconomist]

IIRC, McCain said of Obama, "It's not his idea, it's MY idea".

Did you hear what I think I heard?

Here's the WSJ op-ed Hillary wrote on this idea last month:

From http://online.wsj.com/article/SB122230767702474045.html?mod=googlenews_wsj :

"OPINION SEPTEMBER 25, 2008

Let's Keep People In Their Homes By HILLARY RODHAM CLINTON

This is not just a financial crisis; it's an economic crisis. Therefore, the solutions we pursue cannot simply stabilize the markets. We must also deal with the interconnected economic challenges that set the stage for this crisis -- and reverse the failed policies that allowed a potential crisis to become a real one.

First, we must address the skyrocketing rates of mortgage defaults and foreclosures that have buffeted the economy and ignited the credit crisis. Two million homeowners carry mortgages worth more than their homes. They hold $3 trillion in mortgage debt. Nearly three million adjustable-rate mortgages are scheduled for a rate increase in the next two years. Another wave of foreclosures looms.

I've proposed a new Home Owners' Loan Corporation (HOLC), to launch a national effort to help homeowners refinance their mortgages. The original HOLC, launched in 1933, bought mortgages from failed banks and modified the terms so families could make affordable payments while keeping their homes. The original HOLC returned a profit to the Treasury and saved one million homes. We can save roughly three times that many today. We should also put in place a temporary moratorium on foreclosures and freeze rate hikes in adjustable-rate mortgages. We've got to stem the tide of failing mortgages and give the markets time to recover.

The time for ideological, partisan arguments against these actions is over...."

[ProgressiveEconomist]

1. Kick!

[ProgressiveEconomist]

2. TRANSCRIPT: "it's my proposal, it's not Sen. Obama's proposal". So McCain DID

claim credit for Hillary's revival of FDR's idea:

From http://www.cnn.com/2008/POLITICS/10/07/presidential.debate.transcript/index.html

"MCCAIN: ... You know that home values of retirees continues to decline and people are no longer able to afford their mortgage payments. As president of the United States, Alan, I would order the secretary of the treasury to immediately buy up the bad home loan mortgages in America and renegotiate at the new value of those homes -- at the diminished value of those homes and let people be able to make those -- be able to make those payments and stay in their homes.

Is it expensive? Yes. But we all know, my friends, until we stabilize home values in America, we're never going to start turning around and creating jobs and fixing our economy. And we've got to give some trust and confidence back to America.

I know how the do that, my friends. And it's my proposal, it's not Sen. Obama's proposal, it's not President Bush's proposal. But I know how to get America working again, restore our economy and take care of working Americans. Thank you."