Wednesday, November 21, 2007

Housing Crisis and Recession

I don't normally use Fox News as a source, but after seeing this briefly on CNN, I had to find the whole story. Fox News is where I found it first. The link.

Read the story, then come back. I'll wait.

My opinion is that the Bush Administration is opposed to helping homeowners caught in this crisis of resetting interest rates on Adjustable Rate Mortgages (ARMs). Bush is like Herbert Hoover during the Great Depression. Bush will do nothing to help out the common people.

From Fox News

Democrats, who are pushing for a bigger government role in resolving the crisis, believe if the administration does not act more forcefully the mounting foreclosures could become a major issue in next year's presidential campaign.

"Millions of American homeowners are getting crunched by ticking-time-bomb mortgages and they have yet to see their government take the necessary action," said Sen. Robert Menendez, D-N.J. "It seems that every bold action this administration has taken has been to soften the blow for investors."

This housing crisis will be the spear tip of a Democratic sweep of epic proportions.

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