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For the New Contagion, the Same Old Prescriptions

Gallery

Sens. John McCain and Barack Obama spar over which party is to blame for the nation's financial crisis and which candidate has a better plan for the future.

» LAUNCH PHOTO GALLERY

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McCain acknowledged that such an open-ended program would be expensive, but he argued that no economic recovery could begin until home prices are stabilized, and that was the quickest way to do it.

"We all know, my friends, until we stabilize home values in America, we're never going to start turning around and creating jobs and fixing our economy," McCain said. "And we've got to give some trust and confidence back to America."

Obama's campaign labeled the mortgage idea "old news," noting that a similar program is already part of the economic rescue package and that Obama supports it.

In trying to explain how the country got into its financial predicament, McCain embraced what is becoming a familiar Republican story line, blaming it all on mortgage giants Fannie Mae and Freddie Mac, which he accused of creating the subprime mortgage mess and fighting off his attempts, and those of other Republicans, to rein them in.

But any history of the period is likely to show that it was the private mortgage industry and Wall Street that together created the subprime market, and that Fannie and Freddie were rather late to join in the party.

In the end, neither candidate seemed prepared to tear up the carefully crafted programs that they used to win the nominations and instead address the radically changed economic and budget realities that will face the new president.

Judging from the questions, voters are looking for just such a demonstration of candor and leadership -- and the ability to explain as well as inspire. For that, it would seem, they will have to wait until after the election.

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