You know that somoeone is making a real difference when all of the bubble bloggers hate him. Barney Frank is the one who has it right... not Ron Paul, who thankfully lost miserably in the Republican primaries.
Problems that began in the U.S. mortgage markets have led to the most serious international economic crisis since the late 1990s. Huge losses and concern about credit quality have spread far beyond the housing sector. America faces the prospect of a sharp recession, made all the likelier by the probable default of several million additional mortgages in the coming year and the resulting displacement of millions of families.
To avert a recession, or at least diminish its severity, Congress and President Bush recently collaborated to pass an economic stimulus package, and the Federal Reserve has lowered interest rates. But the unusual nature of the problems means that these measures, while necessary, are not sufficient. Determining what must be added to the policy mix requires understanding how this economic crisis is different from all others. The deterioration of credit and underwriting standards that went unchecked by regulators has weakened many financial institutions and made all of them reluctant to provide the flow of credit that is necessary to fuel economic growth.
More at the link below:
2 comments:
Wow, you're hoping for a bailout?
Not doing too well are you?
Shouldn't have bought when you did, huh?
Probably overpaid... actually you DID overpay if you're selling for LESS than 2005 purchase price.
I wouuldn't hope on this bailout, even if it doesn't get vetoed it won't make a dent in the market's descent.
I DO NOT require a bail out, although had I known that the government was going to give them out, I would have bought a 5,000 square foot McMansion in Alpine...
And I am not selling for less than what I paid. Watch that price come next week. I only listed it that low to see if I could ignite a bidding war...
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