Well, if Barack Obama is a socialist, John McCain must be the Communist-in-Chief:

WASHINGTON (AP) - John McCain’s proposal to buy up bad home mortgages would use nearly half the $700 billion from the recent Wall Street bailout package to assist Americans directly, instead of indirectly by rescuing the nation’s financial markets.

The Republican presidential candidate announced during Tuesday’s debate that he would order the federal government to spend $300 billion in federal funds to buy the mortgages and allow financially troubled homeowners to keep their houses.

Democratic nominee Barack Obama last month sounded a similar theme, proposing that the government consider taking such a step.

But McCain’s approach was far more categorical.

“I would order the secretary of the Treasury to immediately buy up the bad home-loan mortgages in America and renegotiate at the new value of those homes - at the diminished values of those homes - and let people be able to make those payments and stay in their homes,” he said.

The proposal, which he called the American Homeownership Resurgence Plan, is as much a policy plan for the future as it is a political tactic for the present.

The economy has been a key factor in helping Obama pull ahead of McCain nationally and in key battleground states. What’s more, Americans reacted with helpless outrage at the need for a $700 billion rescue for the country’s financial institutions.

Many Republicans voted against the package, objecting to its size and to government intervention in the free market economy. McCain’s step would represent an even greater role for government and potentially an even greater financial loss.

McCain made clear he would use the plan to distinguish himself not only from his rival but also from President Bush, an increasingly unpopular figure as the economy sinks.

“It’s my proposal,” McCain said. “It’s not Sen. Obama’s proposal. It’s not President Bush’s proposal.”

What is McCain thinking?

He’s sliding in the polls, that’s for sure.  And we see consistent polling numbers showing that Americans trust Obama’s judgment more on the economy.  (For the life of me I can’t figure that one out, but there it is.)

So is McCain resorting to the old “if you can’t beat ‘em, join ‘em” illogic?  Is he jumping on the socialist/populist bandwagon by trying to promise that he’ll give Americans more “free money” than Obama will?  Does he think that’s the only way he can pull off a victory?

And is that what Americans really want?  Judging by the polls, it seems to be the case.

You go, John.  Just try and out-socialist Barry Obama.  Just try.

Obama will beat you hands down, Old Man.

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