Can he DO that?

Okay, I’m not exactly live-blogging the debate — more like TiVo-blogging now that I’ve put the kids to bed — but something Senator McCain just said struck me.

The question came from a guy in the audience, what would be the fastest way to bail out regular people, and Sen. McCain said

“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 value of those homes…”

Like I said, and I know Henry Paulson (and his successor) has all kinds of new power, but can he do that?

Somebody make me smart.