John W. McBush Solves The Subprime Mortgage Mess!

(Not sure about posting for tomorrow, by the way...)

Leave it to that “straight-talking maverick” to come up with something like this…

McCain's speech outlined a plan to help struggling homeowners restructure mortgages that have gotten out of control and provide lenders with federal backing to support the new loans. He also called on the Department of Justice to investigate wrongdoing in the mortgage market.

Wowsers!

But before we are all overcome with glee, boys and girls, please allow me to interject the following reality from here…

In a major shift of policy, the Justice Department, once known for taking down giant corporations, including the accounting firm Arthur Andersen, has put off prosecuting more than 50 companies suspected of wrongdoing over the last three years.

Instead, many companies, from boutique outfits to immense corporations like American Express, have avoided the cost and stigma of defending themselves against criminal charges with a so-called deferred prosecution agreement, which allows the government to collect fines and appoint an outside monitor to impose internal reforms without going through a trial. In many cases, the name of the monitor and the details of the agreement are kept secret.

Deferred prosecutions have become a favorite tool of the Bush administration. But some legal experts now wonder if the policy shift has led companies, in particular financial institutions now under investigation for their roles in the subprime mortgage debacle, to test the limits of corporate anti-fraud laws.

So…under a John W. McBush presidency (gasp!), how far do you want to bet that those “wrongdoers” would “test the limits of corporate anti-fraud laws”?

Oh, I dunno…2012? 2016? 540160?

It’s a shame there’s no “anti-fraud” laws for presidential candidates. My suspicion is that, if there were, “Senator Honor And Virtue” would be disqualified immediately.