That's my concern too.
That’s a great question.
That’s what homeowners here in the Democratic People’s Republic of NJ are realizing now.
The do-gooder legislators meant well. Now, with the highest in the nation property taxes thanks to Socialist egalitarian policies have caused here, people are fleeing. They can’t afford the taxes.
It’s a comfort to know their intentions were good. That’s all they measure themselves by.
Regarding McCain’s “weak response,” I’m not so sure that a confident-sounding statement such as “We must investigate!” would be that useful.
Even amongst economic experts, there is no consensus on what to do. Some say (correctly) that the Feds have no obligation to perform a bailout, and should therefore let the market correct itself. Others say (correctly) that the interconnectedness of all this toxic paper might have led to monetary deflation...with a corresponding contraction of payrolls, leading to unemployment and a full-scale depression.
I truly believe that there has been so much market distortion in the past few decades — indeed caused by government intervention, manipulation, and regulation — that there is no easy, no painless, way out.
Fundamental changes, such as (i) return to 100% gold standard, (ii) repeal of legal tender laws, (iii) forbidding fractional reserve banking, and (iv) dismantling the Federal Reserve, would go a long way toward preventing this from happening again (it would also go a long way toward radically curtailing government spending, radically reducing inflation, and stopping the “boom-bust” cycle). In addition, we could use a Constitutional amendment prohibiting government from interfering with the way in which a business conducts its affairs (such as offering loans, mortgages, etc.). The above is my “wish list.”
Something else that would be fantastic if mentioned loudly and clearly by Governor Palin: a renewed commitment by government to protect the citizen’s right to PROPERTY (including a renunciation of the government’s “right” of eminent domain). If Palin said something like that, it would be revolutionary.
I think most of us recognize this much: right now, she is the only viable hope for real, positive change in Washington; much more so than her honorable running mate.