Heritage's Ronald Utt surveys the whole subprime shebang and, as expected, comes out shaking his head. The whole thing is worth reading, but here's the bottom line:
In response to the threat of a financial market panic that could contribute to a severe recession, as well as to the growing number of borrowers who might soon lose their homes, both Congress and the Administration began to take a number of steps to address the problems. Regrettably, they all involved expansion of existing federal programs and the creation of many new ones, often at very substantial cost to the taxpayer.
Notwithstanding the constituent and lobbyist pressure to do something costly and do it quickly, the history of government intervention in housing markets and the economy has not been one of notable success. Many of the proposals now on the table hold the promise of carrying on that tradition and doing so, as noted, at great cost to the taxpayer. [Emphasis added—P.S.]
Naturally, many of our nation's Congress-critters valiantly refuse to let the long and
storied history of regulatory failure get in the way of what's important: More
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
Was the President done in by the economy, or by the politics of the economy?