LOGO: Truthdig: Drilling Beneath the Headlines. A Progressive Journal of News and Opinion. Editor, Robert Scheer. Publisher, Zuade Kaufman.   Truthdig Trek with Chris Hedges
March 22, 2010
Log in / Register

 Choose a size
Text Size

Most Read

Why Democrats Are Fighting for a Republican Health Plan

Kucinich: 'I'm Just Trying to Do the Best I Can'

House Passes Health Care Reform

Boehner's 'Hell No' Speech

The Health Care Hindenburg Has Landed

Most Comments
Most Emailed

Reports

Ear to the Ground

A/V Booth

Arts & Culture

Digs
Financial Meltdown 101

Truthdig Bazaar
Losing the News

Losing the News

By Alex Jones
$16.47

more items

 
Ear to the Ground

Super Mega Housing Bill on Bush’s Desk

Email this item Email    Print this item Print   

Share
Posted on Jul 23, 2008
commons.wikimedia.org

There’s a lot the president doesn’t like about the new housing bill, just passed by the House, but he’ll hold his nose and sign it. The package includes huge guarantees for Freddie Mac and Fannie Mae—the national debt ceiling had to be lifted by about $800 billion, just in case—but also rescue for hundreds of thousands of homeowners at risk of foreclosure.


New York Times:

Lawmakers and experts described the legislation as a landmark shift in the government’s role in the housing market, extending a helping hand to both Wall Street and Main Street. They said it would rank in importance with the creation of the Home Owners’ Loan Corporation to prevent foreclosures in the 1930s as part of the New Deal, and legislation in 1989 responding to the savings and loan crisis.

“We are at a time of considerable turmoil in the private financial markets, and that is a traditional time when government support is needed and called upon,” said Thomas H. Stanton, an author and expert on the mortgage finance industry.

Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the banking committee, said: “This is the most important piece of housing legislation in a generation.”

Read more

More Below the Ad

Advertisement


Comments

Are you a Truthdig member yet? Login now, or register with Truthdig.

By Jim Yell, July 24, 2008 at 3:18 pm #
(Unregistered commenter)

None of this restructures the broken regulation and usury that the investment class has bought politicians to get.

In other words the tax payer the ordinary citizen are going to pay for the outrageous profits and gangsterism of the business class in America. We need to repair the system. Lenders need to be responsible for their high handedness and manipulation. There needs to be a price to be paid and yes it will hurt, but not as much as rewarding the bad behavior of investment, the stock market, a “chain letter” if there ever was one.

A sur-tax on the top 10 per cent of the wealth in America wouldn’t be out of place either. They bought the disruption of rules and laws, let them pay some of the damages they caused.

Report this

By webbedouin, July 24, 2008 at 2:37 pm #

The bailout bill also requires that all credit card transactions be reported to the IRS according to Ron Paul.

http://www.economicpolicyjournal.com/2008/07/ron-paul-housing-rescue-bill-has.html

Report this

Add Your Comment

Posts by unregistered readers are moderated. Posts by members
are published immediately. Why wait? Register today!







Number of characters remaining: 4000

Notify you when others comment on this article?


Are you a human?
Retype the word you see here.


Please read and abide by our comment policy.
By submitting this comment, you agree to this site's terms and conditions.

 
 

 
Join the Liberal Blog Advertising Network
 
 
 
 
 
 
 

A Progressive Journal of News and Opinion. Editor, Robert Scheer. Publisher, Zuade Kaufman.
Copyright © 2010 Truthdig, L.L.C. All rights reserved.