Yesterday, President Bush signed the housing relief bill into law. The bill has been a source of controversy for weeks, but with people clambering for something to be done in terms of shoring up the housing market, and amidst calls to "save" Fannie Mae and Freddie Mac in order to prevent a huge mortgage debacle, President Bush reversed his objections to the bill and decided to sign.
However, some of the more controversial measures remain (along with the disturbing requirement for electronic and credit card payment processors to report transactions), and there is very little the bill is likely to do for distressed homeowners facing foreclosure.
The other issue is that the bill does very little, practically speaking, in actually fixing the causes of the current housing market crisis.
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It’s a thoughtful action, but I’m not sure how much one would appreciate being offered a band-aid by the same people who punch them. The average American is already over $40k in debt because of Iraq. All partisan thoughts aside, facts are facts. So, how is a bailout with money that just isn’t there going to help?
Posted by: Valances | July 30th, 2008 10:53 pm |
You make good points. After all, there are other problems to contend with in the economy, and this really is more of a band-aid — just like everything else that has been done since last year to "fix" the economy.
Posted by: Miranda | July 31st, 2008 4:21 am |