The Great GOP Freakout of '08

For some Republicans, last night was the shocking revelation that it's over. But some are still in denial, as Andy McCarthy accuses his NRO colleagues:

With due respect, I think tonight was a disaster for our side. I'm dumbfounded that no one else seems to think so. Obama did everything he needed to do, McCain did nothing he needed to do. What am I missing

This morning at the Corner, Ed Whelan writes: "McCain’s performance was a dismal failure."

I could, and perhaps should, write an entire blog post on the fundamental folly of John McCain's proposal to buy up bad mortgages. (If you leveraged your home equity in 2005, why is that my fault in 2008?) Instead, I'll just collect a few reactions from a couple of other conservatives. Here's Dr. Melissa Clouthier's liveblogging reaction:

McCain says that Americans are angry, upset and a little frightened. McCain has the answers. Energy independence and home values -- buy up bad home loans in America. Isn't that socialism? SHIZEN! The problem in America today is that "we don't have trust in our institutions". Ugh: First impression -- McCain is sounding like a bumbling Senator. Why didn't he go over the regulation deal that Obama said? Does he want to lose?

And at the end, Dr. Melissa adds:

My feeling is that Obama will pull away after this, but time will tell. If I had to say, though, I say Obama wins.

Michelle Malkin is furious:

I can't underscore enough what a rotten idea John McCain’s ACORN-like government mortgage buy-up is. . . .
This was his supposed "game-changer." This was the very first thing out of his mouth during the debate tonight -- his big pitch right off the bat.
If Obama had proposed this, the Right would be screaming bloody murder about this socialist grab to have the Treasury Department renegotiate individual home loans and become chief principal write-down agents for the nation.

Tough to resist the urge to go on a full-blown rant about why Maverick's idea is so lousy, but let me give you the short version:

You bought a $100,000 house in 1990. By 2005, homes in your neighborhood were selling for $250,000 and up. So you got an appraisal and took out a home equity loan, spruced the place up a bit for resale -- and also paid off your kid's college tuition, took a vacation to Key West, got your teeth capped and a few other little things.
But you didn't get any good offers on your house -- you rejected a guy's low-ball bid of $215,000 in 2006 -- then six months later, the housing market cratered and you couldn't even get $175,000, which is what you now owe.

This is not my fault. It's not the fault of U.S. taxpayers. And since you're the one with capped teeth and souvenirs from Key West, you're the one who ought to deal with the consequences. What part of caveat emptor don't you understand?