Bush gets one right
Good on Shrubbie, or, more likely, the guys pulling the strings on the puppet.
"Despite mounting concern over the downturn in the housing market, he dismissed proposals advanced by prominent Democrats to grant government-chartered Fannie Mae and Freddie Mac more freedom to buy mortgages and mortgage-backed securities. And he ruled out any taxpayer bailout of lenders threatened by the subprime home-loan crisis."
On housing, Bush said he is concerned but believes the market will find "a soft landing" without substantial government intervention beyond enforcing existing policies on predatory lending. "Somebody said, 'Should we be using taxpayer money to bail out lenders?' And the answer is: No, we shouldn't be. The market will work." Instead, he said, policymakers should focus on ways to help people who might lose their homes to refinance, and he called on Congress to change the Federal Housing Administration."
Chuckie Schumer, as usual on economic issues, sounds like the poodle of the Wall Street crowd that he depends on to stay in office.
"Sen. Charles E. Schumer (D-N.Y.), a member of the Senate banking committee, said some on Wall Street are "on the edge of being panicked" about mortgage markets. "There's a prominent notion that the regulators should get together and do something," he said. "And a good number of people think Fannie and Freddie are the answer, including some very conservative people.""
Thank God. No reward for greedy citizens and their corporate enablers.
Am torn on a corporate tax break. That would no doubt help me, but what it would do to our already-enormous, head-in-the-sand federal defecit, I'm unsure about.