For once, indeed. Good post.
Glad to hear everything's ok, Steve.
Posted by Jeff Dinelli at August 31, 2007 11:15 AMI don't get it. Bush is helping the little man but not the corporations? There has to be something wrong, a catch, some fine print. Has he gone mad?
Posted by T2 at August 31, 2007 11:27 AMI'm sure they'll set up red tape complicated enough that this will end up like the money for New Orleans. Just another empty Bush promise.
Posted by ann at August 31, 2007 11:40 AMThere is no way to help the little guys without helping the big guys in this mess. To think otherwise is an exercise in wearing blinders. This is not like the 80's S&L mess that bailed out the depositors after the crooks robbed the S&Ls blind. Granted the options are limited and nobody can say for sure which is the better way to go. However, if DEMs sign on to this approach, they will once again fall into the trap of being accused of endorsing/enabling individuals who make bad personal financial decision and meanwhile the big boys will make off with the big bucks which the GOP will never mention and the DEMs can't mention because they agreed to that as well.
Posted by Marie at August 31, 2007 12:06 PMCan the progressives take it? Surely they'll just melt with any idea of supporting this president on anything. So, if our Congress acts along the lines this president outlined, are any supporters of the bill's outcome going to be called "Bush Dogs"? Or is that just a selective term to be used when it suits you. Glad to hear that the big microphone still has it even over here. That's the problem with Democrats, that same hymnal thing, a bunch of cats. It's not the problem with progressives though, they are of one mind, marching as to war.
Nicely phrased Steve! Glad to hear your frankness.
And nice to read all is OK on your end. :-)
Posted by peter at August 31, 2007 12:25 PMI applaud Bush for getting involved in the mortage meltdown and putting forward an agenda to help homeowners keep their homes.
What Bush said to American homeowners caught in the subprime fracas was drop dead.
I'll never applaud anything George Bush says except, "Today, I'm announcing I will resign the office of president."
Posted by Christopher at August 31, 2007 01:31 PMJust what color of Kool-Aid do you drink, Steve? Bush's statement was an empty helping hand.
How do these mortgages get repaired? How is the property re-valued? Between shady lenders, shady home purchasers, or the just plain stupid home purchasers, the fallout will hit them all, especially the stupid ones. The legal recourses on predatory lending will take too long to save them.
Welcome to the imploding pyramid scheme. It's not going to be pretty.
Posted by at August 31, 2007 01:39 PMGlad you are "OK," and indeed, hope you're better than OK, Steve.
Posted by Brian Bell at August 31, 2007 01:47 PMI too have to disagree. This "clip" from my favorite financial site. Barry never wades into politics but I think this gorilla was just too much to ignore.
http://rawstory.com//news/2007/Former_Reagan_aide_Brownshirt_Bush_among_0831.html
Posted by judyo at August 31, 2007 04:36 PMAny "help" Bushco supposedly "lends" to the defrauded subprime fools will be done simply to aid the mortgage backed securities markets, hedge funds and irresponsible Wall Street capitalism in general. Bush couldn't care a rat's ass for the "people", duh.
The subprimers are judgment proof, most likely. They weren't "home-buyers", they were deceived renters. The GOoP will try to transfer these enormous losses and liabilities to the Treasury and let the idiot taxpayer be left holding the bag of shit as always. Pity that the Treasury will soon be bankrupt and this time honored GOoP scheme probably can't work another time.
There is no way out of a fake economic "system" that produces nothing and is simply a complicated game of leveraged "finance" and arbitrage. But Bush will make sure the taxpayer is the ultimate stooge.
Posted by euzoius at August 31, 2007 05:08 PMI applaud Bush for getting involved in the mortage meltdown and putting forward an agenda to help homeowners keep their homes
The Bush plan will allow Freddie and Fannie to buy the subprimes bundled by the hedge funds, something F&F can't do now because they can't buy shitty securities from the scum on Wall Street. This bails out the hedge funds and will still leave the mortgage holders screwed.
Oh, since Freddie and Fannie are guaranteed by us, we are paying to bail out the hedge funds. Nothing more.
The Busch plan does what Busch plans always do: Fucks us all to help a few wealthy hedge fund managers. Literally, Busch is offering to help 1-2% of all subprime borrowers to bail out the hedge funds and make us pay for it.
Posted by phidipides at August 31, 2007 06:13 PMAny plan authored by Bush will give fat ladlings of undeserved cash to his cronies in the financial industry while screwing individual borrowers.
You can bank on it.
Posted by Mike G at August 31, 2007 09:07 PM