What Is McCain Thinking?

John McCain proposed during the second debate a $300 billion mortgage bailout. If I understand this correctly, it goes something like this: a person buys a house for $500,000 in 2005 and secures a mortgage of $450,000. The house is currently valued at $350,000, but the person is still liable for the $450,000 mortgage, and perhaps is unable to now make their payments (or unwilling to continue making payments). So now McCain wants the government to essentially buy that person's $450,000 mortgage, revalue the house at $350,000, and then create a new mortgage based on that $350,000. In other words, the government (taxpayers) will come in and cover the difference. For the homebuyer there was no harm, no risk. For the taxpayer there is the forced collection to cover for people's misfortune and/or mistakes and/or bad investments. Where in this entire scenario does personal responsibility fit? With all these bailouts, what's next. I've lost money on several stock investments. When should I expect my bailout from the government? Is this the essence of capitalism? And where will all of this lead? Once this bailout mentality establishes itself, what will ever stop it? McCain is treading dangerous ground here. We would expect this kind of government intervention, government is everything, kind of strategy from the Democrats; it scares me when the supposed conservative is introducing the same kind of nonsense.