Asserts Alan Stewart Carl, a moderate blogger: “I?m getting the sense that John McCain wasn?t really joking when he said he doesn?t know much about the economy. In the last few days, as bad financial news has piled up, McCain has seemed more than j…

Seriously, with a 9.4 trillion dollar debt, what idiot includes a plan to cut taxes as his solution to our “economic” crisis?

I know of only one, and he won’t be president for much longer. And now these two clowns want to do the same thing?

They are either lying, or complete idiots. Or, both are really George Bush wearing skin suits.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

Here is the proposed bill. It would have done the following:

(1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board.

Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting.

I’m waiting for McCain to bring this up, and the reasons why the Democrats opposed it. Perhaps because Chris Dodd, then the ranking member of the Banking Committee and now its chair, was in the middle of receiving preferential loan treatment from Countrywide, and Barack Obama was getting paid huge sums by lobbyists for Fannie and Freddy?

McCain is set up to hit a home run on this issue, he just needs to be more assertive and bring up his own record.

Also, Obama’s narrative, as I have stated in other comments, is not a liberal stunt. It addresses to REAL issues with the economy, crowding out due to government deficits and low demand. Unlike McCain’s advisers, Obama’s advisers happen to be well-respected and mostly centrists (Jason Furman, Larry Summers, Goolsby). Though I grant some of them are liberal (Brad DeLong), at least they are respected liberal economists.

That will fix the economy