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As anyone who has followed the foreclosure crisis closely knows, there is currently a loophole in federal bankruptcy law that allows John McCain to protect his second through seventh homes and yachts and planes if he were to declare bankruptcy, but doesn't allow you and me to save our primary residence that we live in.  Barack Obama has called for closing this loophole, Joe Biden has called for closing this loophole, and John McCain has defended it to benefit his banker buddies.  

So, of course, I was thrilled last night to see Joe Biden press the McPalin ticket on this really important policy distinction, when he suggested that the GOP ticket opposed this important protection for homeowners.  When Gwen Ifill pressed Palin on this point of whether she was opposed, she denied it, saying, "No, that is not so."

ABC News has this story this bombshell story up on their Political Radar blog, and the McCain campaign is already backtracking and trying to spin away Palin's answer, but it's revealing a deeper truth.

In reality, Palin didn't know what she was talking about and immediately pivoted to energy, even though she was asked about bankruptcy, just like she did all night.  I am glad to see that progressive organizations are in rapid response mode and not going to let them get away with it.  ACORN, one of the leading organizations fighting against foreclosure, put out this statement last night, perhaps tongue-in-cheek welcoming her endorsement of their prize bill:

"About 20 minutes into tonight's debate, Governor Sarah Palin demonstrated bipartisan appeal in endorsing Senator Biden's call for bankruptcy protections for primary residences. When Senator Biden called for bankruptcy shelter and suggested that Governor Palin likely opposed those protections, Gwen Ifill asked, "Governor Palin, is that so?" The Governor responded, "That is not so."

Both Senators Biden and Obama have supported the "Helping Families Save Their Homes in Bankruptcy Act", which would close the loophole in current federal bankruptcy law that prevents primary residences from have their mortgages restructured by federal bankruptcy judges. Currently, second homes, seventh homes, and yachts are eligible for such restructuring, but not primary residences that are being lost at a record pace in the current foreclosure crisis.

ACORN welcomes Governor Palin's endorsement of this important provision, and hopes that this high-profile endorsement will encourage Senator McCain to change his mind and support this necessary change to assist America's struggling homeowners.

Delicious.  The ABC story includes the always-enjoyable line, "The McCain campaign confirms to ABC News that Palin misstated McCain's position."

This set up the real punchline in this story, which perfectly encapsulates not only how ignorant, but how tightly controlled by McCain operatives Palin is and will be as Vice President:

"Sarah was just being Sarah," ACORN's Charles Jackson told ABC News. "It's clear from the transcript that she supported the provision that Senator Biden  brought up.  We'll see if McCain's handlers will allow her to continue to hold that position tomorrow."  

ZING! We have a winner.  I hope Obama surrogates will push this message and further drive this wedge between Palin and McCain, as it represents so well the reality of her middling performance last night and her middling intellect.

UPDATE: This is my first rec-listed diary, can't thank everybody enough.  Happily, more media are picking up on parts of this story.  

From the Kansas City Star:

Palin, given a chance to respond to Biden's comments, again skirted the question. She came back to talking about America becoming "energy independent," which had absolutely nothing to do with the original question on bankruptcy laws.

From the Detroit Free Press:

And at another point when the discussion turned to bankruptcy rules and how they might change to help keep homeowners from losing their homes, Palin started discussing her record on energy as Alaska’s governor.

And a new update from ABC News, in which they "fact-check" Palin:

FACT: The Senate has voted only once this year on legislation that would change bankruptcy laws to help distressed homeowners. John McCain was absent for that vote. Contrary to what Palin says, the McCain campaign acknowledges that he does not support those changes to bankruptcy laws.

This story can have legs because it hits on so many levels - John McCain is out of touch with struggling homeowners, Sarah Palin doesn't understand bankruptcy laws, and it reinforces her debating "style" of electing not to answer the questions!

FINAL UPDATE: You can digg the ABC story by clicking here.  h/t itswhatson

Originally posted to awkward007 on Fri Oct 03, 2008 at 06:05 AM PDT.

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