Friday, December 07, 2007

Sweet spot

The terms of "Bush's plan" to "bail out" borrowers whose subprime loans are in danger of foreclosure is both a cruel hoax and a charade. Here's a capsule of what it really means to both mortgagors and the lenders (and those who bought the loans), namely, nothing but a worthless news headline that does nothing but create the impression that Bush is helping borrowers, when in fact the administration's position is that it doesn't care at all about those who need help, but only those who read only headlines.

4 comments:

Kyle said...

I swear I don't know who Bush cares about. He'll stand up and lie right to our faces about Iran. I suspect he's doing all this - being Governor of Tx, Pres of US - for the attention and approval of his father.

Anonymous said...

Your diatribe comments about the mortgage relief plan miss the mark badly and lose track of the substance. While I am admittedly no fan of the Bushies, one still needs to recognize the magnitude of the problem - see today's WSJ page 1, "US Mortgage Crisis Rivals S&L Meltdown" for a very good primer on the subject.

Instead of venting about who deserves credit or blame, this plan at least tries to do something. (The depression is thought by some to have been exacerbated by Treasury's hands-off approach). They admit it isn't perfect ("not a silver bullet"). Instead of venting an expressed hatred of the admin., try speaking to the subject - your comments do a man of your credentials a disservice.

Kyle said...

I respectfully disagree with the anonymous comment. This is the perfect forum for a rant. And it is the very magnitude of the problem, and the fact that it has metasticized into every nook of our economy, that illuminates the stupid, irrelevant futility of Bush's plan. He's just peeing on a wildfire and telling us he's making it rain.

Erik said...

I'll follow up on my "rant" in subsequent posts, as the abjectly cynical nature of Bush's "plan" becomes clear.