In my humble opinion, the one thing that McCain is right about (as in even a stopped clock is correct twice a day) is to propose restructuring (aka refinancing) the "subprime" mortgages into fixed, low rate ones. He stole that idea from me. And the Obama camp, caught with their pants down on this one, since McCain is making the more "liberal" proposal, reacts stupidly to say that this is "just rewarding the greed of the lenders."
No. The bailout already does that. It transfers $700 trillion in additional debt to the taxpayers, plus interest to be paid by the taxpayers, to the institutions of wealth, orchestrated by Goldman Sachs. That is already a given and a done deal (more or less).
What needs to be tacked on to that, as McCain (i.e. whoever writes his positions for him) correctly proposes is to at least get to the root of the problem and help some ordinary, not-wealthy people, by stabilizing those crazy ballooning mortgages into fixed rate ones. If you are going to bail out the super-wealthy, what is wrong with bailing out people with middle and low incomes (i.e. those who were tempted by lenders into taking the "subprime deals") in one fell swoop? It is not only ethically more correct, but actually does something to stabilize the economy. No brainer.
McCain is right on this one, Obama is wrong-- probably because at this point everything has become action-reaction, and about "winning points" (not to speak of "dueling bullets").