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A report from the Christian Science Monitor suggests that the Bush Administration is ready for its next big spend. Seemingly they are set to inject around $700 billion of tax payers money to buy up bad loans. The debates regarding this latest venture are heating up, at a time when a change of government is imminent. Whether Senator McCain or Senator Obama agree with this course of action will be revealed, but for the time being they might not have much say in the matter.
Please read the full report here:
The mortgage buck stops where? | csmonitor.com
"Like a subprime mortgage, Congress may soon put taxpayers on a risky hook for mortgages gone bad. The Bush administration wants authority to spend up to $700 billion, or about the cost of the Iraq war, to buy up troubled loans. A federal rescue effort may stem a financial market meltdown. But it shouldn't be done without a reckoning.
Americans need to hear a full-throated debate by lawmakers about the range of players in this mortgage maelstrom who either lied, took on too much debt, or failed to check creditworthiness as these loans were issued and then sold up the financial food chain to the point where it has become nearly impossible to determine their value"
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Bush Mortgage Bail Out
Bush Mortgage Bail Out
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