It's obvious why he did it, but the obvious question is where to draw the line in any bailout. For instance, if he's bailing out sub-prime today what's tomorrow, saving idiots who lost too much gambling? Capping gas prices? Stopping termite companies from overcharging on their annual renewal premiums because they know they've got your balls in a vice since it's costly to get a new termite contract. Yes, we all have our beefs.
Bush ran as a compassionate conservative and nothing shows compassion more than bailing people out on a grand scale. After all, he's bailed out seniors with prescription drugs along with senors and senoritas. And Scooter Libby. So we shouldn't be surprised.
He could have at least used his miniature bully pulpit and talked some tough love on people who bit off more than they could chew--while making the responsible borrowers who lived in apartments instead of engaging in a risky buy feel vindicated. Instead we got nonsense like this:
"The government has a role to play as well. We should not bail out lenders, real estate speculators or those who made the reckless decision to buy a home they knew they could never afford," Bush said.Yet he seems to be doing just that, as the plan would cover people
with enough income to pay their mortgages at lower rates but not so wealthy that they could afford the increase in monthly paymentsWhich seems to be the definition of getting into a house one cannot afford. Perhaps this sums it up best:
The administration's plan appears to be winning support on both sides of the aisle. And perhaps as importantly, it has backing from key private-sector players, including nonprofit groups, mortgage lenders such as Countrywide Financial and big banks such as Citigroup.It's a political win-win since it helps the economy (allowing this to correct by itself would be obviously harsh), helps his big business buddies, and will get no pushback from the left who tend to believe a president represents the real image of Santa Claus.
Speak of the devil, this comment from the former Ms Rodham sums things up as well:
"Although the administration is finally giving the foreclosure crisis the attention it deserves, it seems that President Bush is going to give struggling homeowners far less than they need,"Just project that line of thought into the future for a glimpse of the horror show to come.
But OK, another crisis averted. Whew, and without even any official reflection as to why it occurred nor much punishment to stop it from reoccurring. As we hurl towards Hillary the America of the 21st Century has become one fueled by greed that has produced a populace expectant of something for nothing, while turning out far too many selfish cowards like the kid who killed 8 in Omaha yesterday. Leadership is sorely lacking, in all areas.