McCain’s Rescue Plan

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McCAIN’S RESCUE PLAN….It’s now clear that John McCain’s $300 billion homeowner rescue plan really does envision paying mortgage lenders full face value for their subprime loans, even though they’ve all cratered badly during the housing bust. How do we know? Because his website originally said that mortgage lenders would be required to write down their loans, but that language was removed on Wednesday. It was “a simple mistake,” the campaign said.

But here’s what I don’t get: why? This was plainly a middle class pander, and not one that McCain would have been obligated to follow through on. This kind of stuff changes at the detail level all the time. So why include such a blatant giveaway for Wall Street? Even if you have some technical reason for thinking it’s a good idea, it doesn’t make any political sense at all. What’s going on?

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We didn't know what to expect when we told you we needed to raise $400,000 before our fiscal year closed on June 30, and we're thrilled to report that our incredible community of readers contributed some $415,000 to help us keep charging as hard as we can during this crazy year.

You just sent an incredible message: that quality journalism doesn't have to answer to advertisers, billionaires, or hedge funds; that newsrooms can eke out an existence thanks primarily to the generosity of its readers. That's so powerful. Especially during what's been called a "media extinction event" when those looking to make a profit from the news pull back, the Mother Jones community steps in.

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