"History is a wonderful thing, if only it was true"
-Tolstoy

Tuesday, August 28, 2007

Who't hand is in your wallet?

Sadly, it's likely that the politicians will hand out money to any and all. There will be plenty of scams.
Katrina all over again.

In Washington, Aid to Homeowners Debated - NY Times:
"From a political perspective, the wave would be crashing during the primary and general election campaigns next year. But the Bush administration and Congressional Democrats are ideologically divided about what Washington should do. Administration officials are reluctant to bail out people who bought homes they could not afford or simply gambled that easy credit and rising real estate prices would lead to quick profits. Democrats, though opposed to a broad bailout, are proposing an array of measures to help lower-income people renegotiate their loans and stay in their homes.
“You cannot simply decree that there will be no foreclosures,” Representative Barney Frank, Democrat of Massachusetts and chairman of the House Financial Services Committee, said. “You can’t just give people a free ride.”
Mr. Frank and other Democrats are pushing for changes that they hope will free more money for lower-income families and shift the balance of power between borrowers and lenders."

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