When Senator John McCain unveiled his plan to buy up bad mortgages in order to help out American homeowner who could no longer pay off their mortgage, on Tuesday, he took a tremendous risk. He clearly tried to appeal to moderate and independent voters, hoping they would support such a bold plan.

The plan would cause the government to grow signficantly and would be in breach with many conservative principles. McCain displayed once again his ‘Maverick’ credentials by proposing the plan. 

The thought behind the plan was, as said, probably for a large part populist. He thought that independents and moderates support Obama and support plans to help out ‘Main Street’ during the financial crisis out of pragmatical considerations. Voters do not want idealism now, McCain advisers seem to believe, but solutions, regardless of whether or not they are ideologically sound.

Sadly, voters responded competely differently. First, Barack Obama and Joe Biden chided the plan, with the former saying on Thursday that it would cause “the taxpayers to lose.” Banks and lenders, meanwhile, would be “rewarded” under the plan, Obama said. The criticism is valid in so far that the plan would indeed by-step lenders. The government would take care of bad mortgages itself, everyone would get off the hook; individuals as well as companies.

Perhaps more important was the reaction of conservative pundits. National Review published an editorial earlier this week in which it blasted the plan. The editors at the conservative outlet founded by William F. Buckley derided the McCain plan as “creating a level of moral hazard that is unacceptable” and called it a “gift to lenders who abandoned any sense of prudence during the boom years.”

Popular Fox News host, columnist and blogger Michelle Malkin concluded that “We’re Screwed 08,” and called the plan “rotten.” Matt Lewis, writing for one of the most influential conservative websites on the Internet, Townhall.com, then told CNN on Thursday that the plan would cause conservatives to become even more outrageous than they already were for McCain’s support for the massive $700 bailout plan which was approved by U.S. Congress last week Friday.

“Fundamentally, the problem is John McCain accepts a lot of liberal notions, unfortunately. There is somewhat of a populist streak,” he said. “Most conservatives really did not like the bailout to begin with, and this was really kind of picking at the scab.” Lewis also expressed anger with McCain because he expected him to come out swinging during Tuesday’s debate, instead of proposing a plan that would enlarge the size of the government significantly.

“Here we are watching the debate hoping this is a good format for John McCain to excel at, and the first thing he does is spring this on us,” Lewis said. “This is not a good way to win friends and influence people.”

The main problem with McCain’s plan is that it causes him to be attacked from two sides. On the one hand there are progressives who chide the plan because it would not hold ‘irresponsible and greedy bankers’ accountable. On the other hand there are conservatives who assault it for not holding anyone responsible; Wall Street and Main Street not.

McCain had better hope that his mortgage plan will indeed appeal to moderates and independents, for everyone else opposes it.

Meanwhile, an important development has taken shape: Obama continues to be supported full heartedly by the progressive base of the Democratic Party, while McCain has to fight against both his Democratic opponents and the conservative base of his own party. It’s hard to imagine him winning both battles.