Many of you know that W was busy trying to paint some lipstick no the economic pig that's been growing because the lenders are no longer dolling out bad loans to bad risks. Of course, the usual propaganda spew comes a day late and a dollar short. Remember, this is the Administration that supported the change in Chapter 11 policy that forced a large number of people into very difficulty places.
Even so, I thought the one question that managed to get asked today was rather revealing.
Q Sir, what about the hedge funds and banks that are overexposed on the sub-prime market? That's a bigger problem. Have you got a plan?
THE PRESIDENT: Thank you.
Thank you? My goodness. Sounds like a good question that a president and his crack team should be able to answer, no?
2 comments:
Well, it is a really good question...and ONE a normal president should be able to answer....there is a problem...do you want
a. Honest mathamatical answer
b.pure propaganda
c.smidge of math( enough to sound impressive) set on Spin Cycle ?
Bush is not just delusional about Iraq- the status of OUR Country is also not even on his radar....he does FLYOVERs everyday and is Missing the Big Picture about how grim things are financially....
good post...as always...( so what are you thinking about the Snowman Resignation? or Dainty Perino's new Role?)
The devil is in the details
BUSH (on the link): This administration will soon issue regulations that require mortgage brokers to fully disclose their fees and closing costs.
They're already required to disclose these costs, how else would they collect them? The problem is that they're not required to disclose these costs in advance of the closing on the loan. So a buyer sits there for an hour while the lawyers go over the paperwork and, Oh, yes, here's what it's going to cost you.
If the Administration actually secures getting the closing costs and fees disclosures up front at the time of the loan proposal, that would be a huge benefit to borrowers. The Federal Reserve would have to write the rule, then put out a notice of rule-making with an open comment period. You can bet the banks and mortgage brokers will weigh in heavily against it.
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