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Bush acknowledges economic uncertainty
Just this morning President Bush urged Congress to do more to help people and businesses hurt by the housing market and credit crunch, according to the Associated Press. The AP went on to report, "Bush said that other steps need to be taken to strengthen the economy, and he exhorted Congress to make his tax cut permanent and do more to help struggling homeowners. Bush urged lawmakers to pass additional legislation that would revamp mortgage giants Fannie Mae and Freddie Mac and modernize the Depression-era Federal Housing Administration, which insures mortgages for low- and middle-income borrowers. The president also said Congress should approve legislation allowing state housing agencies to issue tax-free bonds to help squeezed homeowners refinance their mortgages. These and other steps could help struggling homeowners “weather turbulent times in the market,” Bush said." 4 comments from 4 users
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posted by
randomfactor
on Feb 11, 2008 at 12:28 PM
I suggest they do the opposite of whatever Bush wants. posted by
Bakersfieldbubble
on Feb 11, 2008 at 12:53 PM
Bush = worst President in US History. He is 100% reactive and 0% proactive. Republicans and neCONS have had 7+years to do something and all they did was run up a $9 trillion dollar deficit, run the economy into the ground and start a war based on lies! posted by
saberhagen
on Feb 12, 2008 at 07:58 AM
How utterly empathetic of Bush to at least pay lip service to some of the people impacted by his administration's failure to regulate the industries ripping them off and failure to enforce existing consumer protection laws against such abuses. A "less government" Republican suddenly calling for more regulation after the the wolves have cleaned out the chicken coop is nothing short of ludicrous. Next, he will ask for legislation to bail out the thieves of the financial industry with billions. Hey, wait a minute, maybe the financial industry could borrow some of the trillions of profit the oil industry is raking in. Or why don't the big lender owners of all the foreclosed properties rent them out at fair market rental prices or lease them with long term rent-to-own options and at least keep the homes occupied with their former owners or others in need of housing rather than shuttering and "abandoning" them and letting neighborhoods become blighted with rapidly decaying houses which further erode property values? Naaah. that would be too logical. How about a modified HUD-style housing program whereby the government purchases at actual value or even siezes abandoned properties under eminent domain from the lenders and makes them available for sale or rent at fair market value? Or.......?
posted by
Lingtaowoo
on Feb 12, 2008 at 08:05 AM
Didn't President Bush say in one of his State of the Union addresses that the housing and economy future looked all rosey and peachy-keen??...wish he would make up his mind on something
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