At Least McCain Is Right About One Thing

It's that he has a lot to learn when it comes to the economy.

From the NY Times:

Mr. McCain’s talk therapy will not ease, let alone end, the worst foreclosure crisis since the Depression or the financial crisis that has erupted in its wake. But worse yet is what it says about the presumptive Republican nominee’s view of the economy and the government’s responsibility to protect and help its citizens.

His suggestion that federal aid might wrongly reward “undeserving” homeowners sounded both mean-spirited and economically naïve. And then there is the double standard. He seemed less concerned about the government helping reckless bankers, endorsing its role in preventing the bankruptcy of Bear Stearns.

No one has ever proposed helping real estate speculators. And the senator’s language obscures the reality that most troubled homeowners did not get into trouble by themselves. Lenders, aided and abetted by bankers and do-nothing regulators, lured many borrowers into overly complex, ultimately unaffordable loans. Mr. McCain also failed to grasp that the foreclosure problem has gone far beyond the issue of the deserving and undeserving.