Watch Reason Foundation’s Director of Government Affairs Mike Flynn explain why a mortgage bailout is a terrible idea on CNBC. Sen. John McCain has now joined calls for a housing bailout that his aides say will cost taxpayers between $3 billion and $10 billion. From the NY Times: “There is nothing more important than keeping alive the American dream to own your home, and priority No. 1 is to keep well-meaning, deserving homeowners who are facing foreclosure in their homes,” Mr. McCain said. National Review reports “even a borrower who fully understood the terms of his adjustable-rate mortgage (i.e. not someone who was ‘preyed upon’ by an unscrupulous lender) would qualify for a bailout” in McCain’s plan. Michelle Malkin on the “subprime boondoggle” bill that passed the Senate 84-12 today.