the buzz log

Tuesday night's debate was a bit of a snoozer. Despite the rumors that Senator McCain would take the gloves off, he remained a polite pugilist (not counting his "that one" comment). Meanwhile, Senator Obama stayed on message while ignoring Tom Brokaw's numorous pleas for brevity. Though certainly not a "game changer," the town hall meeting was notable for John McCain's $300 billion plan to have the government buy and renegotiate mortgages on houses whose value have dropped.

The proposal has folks talking. Forbes.com points out that this is hardly a new idea among economists. The New York Times writes that "the mortgage renewal idea actually originated with Senator Hillary Rodham Clinton, said Charlie Black, a senior adviser to Mr. McCain."

So, is it feasible and, more importantly, is it a good idea? Not surprisingly, it depends on who you ask. The $300 billion used to buy back the dodgy mortgages would be part of the much discussed $700 billion bailout package. The Associated Press writes that the Treasury's plan for the money could be underway by the time the new president is sworn in. In other words, maybe the money would be spent by then.

Both candidates appear to support the idea, which is ironic. Why? According to Marketwatch the proposal originated with President Bush, a politician who both candidates want nothing to do with.