Yesterday John McCain, the man who almost half the country supports as the leader to guide us through the worst housing crisis in U.S. history, said the following when asked by a reporter how many homes he owned: “I think — I’ll have my staff get to you,” he said in an interview with Politico. “It’s condominiums where — I’ll have them get to you.”
McCain and his wife have a net worth estimated at $36-100 million, and he owns eight homes worth $11 million. Meanwhile, in an interview with Forbes today, Stan Humphries, vice president of data and analytics at real estate sales and data firm Zillow said, “Nationally, one-third of homes are underwater, and 20% of transactions happening across the country are foreclosures.”
McCain’s staff now claims it’s complicated because many properties are held in trusts, etc. Of course, that’s all part of proper wealth management and tax efficiency advice you’re surrounded by when you’re a multi-millionaire. Meanwhile estimates say one out of every five families is losing their only home, which is creating a price spiral where one out of every three families owe more than their home is worth.
This is not a debate about elitism because any president of our country should be elite. This is about whether the candidates are in touch with reality, and whether they can navigate through a severe economic downturn. If McCain’s latest comment doesn’t prove that he’s not ready to nationalize then privatize Fannie/Freddie and lead a plan to stop foreclosures, nothing will.
So next time you talk to a family member, neighbor or colleague about their housing troubles, just remember McCain standing there in his $520 Ferragamo shoes saying he must consult his staff to tell you how many homes he owns. You might also go back through this series on the brazen inconsistency that McCain calls economic policy. We are not making this stuff up, and we didn’t make the headline up either. McCain did. And that’s anything but good.
The Basis Point editor supports Obama. Some of The Basis Point’s regular contributors support McCain.