I guess I should call Ripley’s because this is like the second or third time I’ve agreed with something that Preznit Bambletard said:
“The president continues to convince himself that inaction is the cure-all for the economic problems hurting hardworking Americans,” Senate Majority Leader Harry Reid said in a written statement. “But Democrats know that wait-and-see is not a responsible strategy for an economy that is teetering on the brink of recession.”
“Wages and home values are down,” Reid said, “but prices for everything from health care to tuition to energy are up. Just this week, oil and gas prices reached record highs while the value of the dollar reached historic lows. I hope the president, who has been slow to acknowledge this problem, joins us in recognizing how urgently we need a solution.”
Bush said he opposed several measures pending on Capitol Hill to deal with the housing crisis. They included proposals to allocate $400 billion to purchase foreclosed-upon and now-abandoned homes, to change the bankruptcy code to allow judges to adjust mortgage rates and to artificially prop up home prices.
“Many young couples trying to buy their first home have been priced out of the market because of inflated prices,” the president said. “The market now is in the process of correcting itself, and delaying that correction would only prolong the problem.”
—from the HuffPo.
It’s bad enough that the Fed is meddling in this mess; add Congress to the mix with a buncha giveaways for imprudent buyers and reckless lenders and you’ve got a huge disaster, Sen. Reid and Rep. Frank. Let the goddam investment banks and lenders take the hit as they should for making such stupid, fantastic loans and products, and to buyers who lied and schemed and “bought” far more house than they could afford: tough shit.
Bush, for once, is dead-on with that last comment, and the Dems need to understand that bailouts will not work, they’ll ruin the economy worse than it’s gonna get, and it lets the instigators of the whole goddam thing off the hook.
OK now excuse me but I need to go bleach my brain now and do something totally gay as an antidote.
Oh and make no mistake, it was deregulation, GOP whorage, and lax oversight that led to these problems. Banks and lenders, left to their own devices, tend to go a little crazy with greed and require strict regulation. This is not the same thing as bailing them out, and the SEC and the Office of Thrift Supervision both need a good ol’ asskicking to remind them to do their fucking jobs, which in part they haven’t been able to do because the current asshole administration keeps cutting their funding. I’m totally not letting BushCo off the hook for a goddam thing; I’m just agreeing with him on how to maybe fix the mess he helped make and I still think he’s the worst thing to happen to America in my lifetime.
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