Obama tries to out-pander McCain on homes

It's getting awful depressing to watch the two presidential candidates play "I'll see your $300-billion and raise you $400-billion."

After John McCain's ill-thought-out plan last week to bail out delinquent homeowners, Barack Obama is demanding his turn to kiss up to the suffering masses of his imagination:

Democrat Barack Obama proposed more immediate steps Monday to heal the nation's ailing economy including a 90-day moratorium on home foreclosures at some banks and a two-year tax break for businesses that create new jobs.

The Democratic presidential candidate said his proposals, with a price tag of $60 billion over two years, can be enacted quickly, either through the government's regulatory powers or legislation that Congress could pass in a special session after the election.

"I'm proposing a number of steps that we should take immediately to stabilize our financial system, provide relief to families and communities and help struggling homeowners," Obama told a crowd of 3,000.

Obama proposed Monday that banks participating in the federal bailout should temporarily postpone foreclosures for families making good-faith efforts to pay their mortgage.

"We need to give people the breathing room they need to get back on their feet," he said.

I don't know where to start. For starters, what's a "good faith effort" to pay off one's mortgage? Being only two months late on your payments? Lugging your penny jar to the teller's window? Selling blood plasma to raise cash?

As we've mentioned many times in the newspaper, a typical foreclosure can linger a year or more in the courts. Obama's "breathing room" is already built into the system. Banks are looking for excuses to call off the repossession squad. The last thing they want is more houses on the balance sheets.

How much power to rewrite private contracts are We the People prepared to grant government?