Bush: 'The Market is Correcting itself', page 1

Bush: 'The Market is Correcting itself'

rawstory.com

President George W. Bush said he won't be stampeded into ``bad policy decisions'' to bail out the home-mortgage industry because they might further harm the U.S. economy. ``A root cause of the economic slowdown has been the downturn in the housing market,'' the president said today in his weekly radio address. ``I believe the government can take sensible, focused action to help responsible homeowners weather this rough patch.'' Bush said he won't overreact to the subprime mortgage crisis because excessive government intrusion may have unintended consequences.

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Honestly, I don't even know what to say anymore. I think someone must have taken King Chimpy off his meds again, or perhaps he's back hitting the sauce..."Excessive government intrusion might have consequences"?!? This coming from the guy who loves to intrude into every facet of the publics lives through wiretaps and surveillance? Now he's worried about 'intruding'?

If you get a chance, scroll down and read the comments--They are beyond priceless. I was in tears after reading them. LOL

rawstory.com
(visit the link for the full news article)

reply to post by DimensionalDetective

---

Look, I have no use for GWB because he has really caused problems for this country.
Having said that, this is one of the very few times that I actually agree with what he said. Most of the people that are in trouble (not all), were in over their head to begin with. I just saw an article in the Sunday paper, where it said that now the high end real estate market is into foreclosures at the same, or higher rate than low to middle income houses. Many of these people mortgaged themselves to the hilt, hoping that prices would keep going up, and they would "flip" the house in a few years and make a killing.
Yes, the mortgage lenders looked the other way, when it came to approving lenders that had no business borrowing, but the old saying "Buyer Beware" still applies. If people that had overextended themselves had sat down and planned a full budget, they would have seen what was coming. Furthermore, full disclosure laws mean that each lender received a full disclosure as to what the costs would be, and if they had ARM's, they would have seen the POSSIBLE monthly payments that they would be paying, if rates went up.
Buying a home is the largest investment most people make. They should take the time to read all the details before signing a mortgage.
Furthermore, the Fed has already done TOO MUCH. Every time that they lower rates, they are in effect, printing more money out of thin air. This in turn weakens the dollar, and what it means is that if you have $10,000 in a bank account or CD, it is worth less. At one point, the Euro was equivalent to the US dollar. At last look, the Euro is now worth $1.56. Looking at it another way, that means that if you had $10,000 in the bank when the Euro equaled one dollar, that $10,000 is now worth only $6,410.26.
You still want to government to intervene? If you do, your money, salary, everything you own will be worth less, so that someone who should have known better doesn't have to suffer the consequences of their own foolish actions.

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