John McCain and Sarah Palin co-authored an op-ed in the Wall Street Journal reacting to President Bush’s decision to bailout of Fannie Mae and Freddie Mac. I think they are on the mark with their assessment. This approach will help them make gains on economic issues (which Obama has generally been doing better on). The GOP ticket call the bailout an “outrageous, but sadly necessary, step”. They blame the crisis on Congress failing to act, and promise change. An excerpt:
We promise the American people that our administration will be different. We have long records of standing up to special interests and providing the leadership to change government and make it more accountable to the American taxpayer. In our administration, every agency and department will undergo rigorous oversight and review. We will require the highest standards of accounting, reporting and transparency ever demanded in government.
And a few specifics:
Treasury has broadly followed the McCain plan, outlined months ago, and gets at the short-term heart of the problem. That plan reinforces the federal commitment to meet our obligations and get this mess behind us. It replaces management and board members. It requires that shareholders take losses first. It puts taxpayers first in line for any repayments. And it terminates future lobbying, which was one of the primary contributors to this great debacle.
Read the whole thing.