October 16, 2008 9:55PM 

# McCain’s Misguided Mortgage Bailout 

By [Daniel J. Mitchell](https://www.cato.org/people/daniel-mitchell) 

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As promised in an [earlier post](https://www.cato.org/2008/10/15/housing-financial-markets-and-government/), here is the latest iteration of my *Los Angeles Times* debate on financial markets, housing policy, and the role of government. Wednesday’s [debate](http://www.latimes.com/news/opinion/la-oew-mitchell-abromowitz15-2008oct15,0,7439133.story) featured a discussion of Senator McCain’s $300 billion scheme to buy bad mortgages. Not surprisingly, I explain why taxpayers should not be responsible for rewarding borrowers and lenders who were imprudent. Next installment will be up tomorrow.

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[General](https://www.cato.org/general), [Government and Politics](https://www.cato.org/government-politics) 

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