People forget the housing bubble rescued us from the dotcom and 9/11 recessions, and any effort is only going to delay the inevtiable. Recessions are a normal part of the economic cycle.

Never mind the moral issues behind it, how many homeowners will this truly help since most won’t qualify under new standards anyway? All this does is throw tomorrow’s money at today’s problems by putting a bandaid on a dam of bad debt. But of course no politician thinks past the 2 minute speech they are giving.

So much for a free market system. At least communism is noble enough to take from the rich and give to the poor. Bush wants to take from the financially prudent and give to the foolish.

Adam Smith is rolling in his grave, as Carl Marx says I told you so.