Considering all the rosy-glassed postings from hardline cons here, claiming that the economy was doing oh, so well (cough cough), Bush offers some too-little, too-late mortgage assistance!!
Looks like he finally took notice of the dead elephant under the table?
The housing market (both new construction and existing real estate sales) have been in a record slump for over a year, now.
People can't sell the homes they have, even after de-valuing them.
I just think it's significant that the Almighty Bush has CONFIRMED that the ecomomy is not as sweet as some would like to believe.
In the past, banks happily loaned whatever amount borrowers wanted as long as the banks could then sell the loan, pushing the risk onto Fannie Mae (ultimately taxpayers) or onto buyers of mortgage backed securities. This means that the money available for mortgages is falling, and house prices will keep falling, probably for 5 years or more.
2007-08-31 15:35:47 · 9 answers · asked by John Doe 1st 4 in Politics & Government ➔ Politics
I was one of the lucky ones; sold my place back in August of '06. Got top price and not even a counter-offer, and the Coldwell-Banker agent told us the market was already getting fat at that time...
2007-08-31 15:37:48 · update #1
Thanks, "schooled." I don't know how cons can keep pretending that all these new "jobs" are anything other than "Mcjobs."
2007-08-31 15:44:59 · update #2
Yes. The myth of the Bush economy was based on the underlying lie that a $5/hour service job is equivalent to a $50,000/year manufacturing job. Economists don't know the difference, but consumers do.
2007-08-31 15:41:55 · answer #1 · answered by obl_alive_and_well 4 · 12⤊ 3⤋
hassle-free. The President does not make all the selections; people blame Bush like he's the clarification for all of it. the certainty of the situation is; it extremely is congress that makes up those substantial judgements, the very suited courtroom, and maximum of do no longer understand that their very own state representatives are those making the undesirable judgements. i think of that the two applicants have their stable factors, and that is attainable for any president to repair this united states in the event that they have the suited suited congress in the back of them. Congress and the very suited courtroom are the sole 2 communities which could great-cede the president's judgements. in spite of if President Bush have been to objective and alter each little thing, he'd could desire to convince the comprehensive congress in any different case. examine out who's controlling this congress outstanding now and how that is being run. that is my answer to the insanity. The administration basically has plenty capability. that is as much as the representative elects of the individuals to do the rest.
2016-10-03 10:57:54 · answer #2 · answered by Erika 4 · 0⤊ 0⤋
I'm not sure if the President is a doing anything. Seems as if all that comes from Washington is reactionism. I think it may be more about the stock exchange going up and down like a seismometer not the price of houses as backing for the loans for them. What good is a loan you cannot afford to pay back?
2007-08-31 15:54:28 · answer #3 · answered by oldmechanicsrule 3 · 4⤊ 0⤋
The mortgage problem is mostly greed on the part of consumers. The economy is good based on real measurements. No economy is going to be perfect. Bush had to take over a faltering dot com Clinton economy. I'm amazed that it has done this well considering two wars, hurricanes and other disasters and the down cycle Bush inherited. 17 straight rate hikes is doing the job it is intended to do. Slow the economy, and also root out the housing speculators. I'd say it's doing it's job.
What about this article just posted on Yahoo about job satisfaction. If it's as bad as you say, why this?
http://news.yahoo.com/s/livescience/20070831/sc_livescience/americanworkforcesurprisinglysatisfied
2007-08-31 16:27:04 · answer #4 · answered by JohnFromNC 7 · 0⤊ 3⤋
Yes - it is a tacit nod of the head that things aren't happy in US economy land.
2007-08-31 15:46:19 · answer #5 · answered by Anonymous · 6⤊ 0⤋
I am shocked. Did Bush admit something that he thought was going great was actually NOT doing so well?! Wow...I never thought that would happen. This is not sarcasm. I am not a Bush fan.
2007-08-31 15:44:54 · answer #6 · answered by Lindsey G 5 · 7⤊ 1⤋
Really, that's quite a stretch, associative irresponsible lenders and borrrowers to the strength of the economy? Of course there's trouble in the mortgage scam as long as they act like loan sharks there will be.
You might as well gauge the economy on the number of bad checks written this week.
2007-08-31 15:40:58 · answer #7 · answered by eldude 5 · 3⤊ 7⤋
The economy is great! Bush has never said the economy was bad. He's giving help to folks that got into jams. Nice spin and twist though.
2007-08-31 15:45:10 · answer #8 · answered by ks 5 · 0⤊ 8⤋
And I can't believe that liberals seem to think that history started in 2000.
2007-08-31 15:46:48 · answer #9 · answered by smsmith500 7 · 1⤊ 9⤋