The Malkinites of the world hate when the government tries to help people out, but that is exactly what they are doing:
Prodded in part by some of the nation’s biggest banks, the Bush administration and Congress are considering costly new proposals for the government to rescue hundreds of thousands of homeowners whose mortgages are higher than the value of their houses.
Not since the Depression has a larger share of Americans owed more on their homes than they are worth. With the collapse of the housing boom, nearly 8.8 million homeowners, or 10.3 percent of the total, are underwater. That is more than double the percentage just a year ago, according to a new estimate of the damage by Moody’s Economy.com.
Things are bad in this country and the government has to do something, unless we want another depression. I am sure some neo-cons wouldn’t mind that one bit – next year after a Democrat wins the White House.