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    Who Are the Real Mortgage 'Victims' Here?

    The early narrative of the housing market collapse featured all the usual suspects: sleazy mortgage bankers, shadowy lenders and pushy Wall Street brokers – all of them preying on unsuspecting homebuyers. But now we’re starting to get, as radio legend Paul Harvey puts it, “the rest of the story.” Turns … More

    What Congress Can't Seem to Understand

    The White House isn’t buying the Senate housing bill. As Benton Ives reports in Congressional Quarterly, President Bush is not too thrilled with the bailout proposal. Why? “The bill will likely do more harm than good by bailing out lenders and speculators and passing on costs to other Americans who … More

    Tax Credit Could Depress Housing Market Further

    Question: When is a $7,000 tax credit a problem? Answer: When it makes a bad situation even worse. And that’s just what might happen if Congress enacts a $7,000 tax credit for people who buy foreclosed homes. As Bloomberg News columnist John M. Berry notes, the misguided tax credit may … More

    There Must Be a Democratic Primary Going On or Something

    The National Taxpayers Union released its 2007 “Taxpayer Score” yesterday. The annual NTU rating reflects a congressperson’s commitment to reducing federal spending, taxes, debt and regulation by analyzing every roll call vote affecting fiscal policy (including appropriations, authorization, and tax bills; budget target resolutions; amendments; and certain procedural votes that … More

    Will Congress Prolong Economic Downturn?

    American businesses shed 80,000 jobs in March and 232,000 jobs in the first quarter of 2008, confirming that economy ground to a halt in the first quarter of 2008. The unemployment rate rose to 5.1% — the first time it climbed above 5% since September 2005 — although that’s still … More

    Morning Bell: How We Got Here and How Best to Get Out

    According to the E.J. Dionnes of elite media groupthink, the current economic troubles are due solely to unfettered Wall Street greed and the federal government’s only sin was not enough command and control of the economy. Former National Economic Council director Lawrence Lindsey sets the record straight: Contrary to the … More

    Morning Bell: Don't Make It Worse

    Reporting on the Senate’s new housing bailout bill, the New York Times claims “Senate Republicans, in particular, had felt compelled to move housing legislation quickly after the Federal Reserve’s intervention to avert the collapse of Bear Stearns.” Apparently these Republicans are determined to prove that limited government intervention in the … More

    This Week in Washington: Just Say No to Government Regulation

    Here’s a preview of the week ahead in Washington. [youtube]http://www.youtube.com/watch?v=an2ZGW85Ad0[/youtube] Recent troubles with the financial and housing markets have lead to proposed action by Congress to help distressed homeowners and to find a government solution to the Bear Stearns collapse. Massive new billion-dollar handouts to aid homeowners and utilizing sweeping … More

    Morning Bell: This 'Something' Will Not Help Mortgage Mess

    Sen. Hillary Clinton yesterday threw her weight behind a plan by Rep. Barney Frank (D-Mass.) and Sen. Chris Dodd (D-Conn.) to authorize the Federal Housing Administration (FHA) spend $20 billion in taxpayer money to guarantee up to $400 billion in questionable mortgages. Considering Sen. Barack Obama is already a co-sponsor … More

    Economic Myths vs. Reality

    The recent failures of Bear Stearns and the Carlyle Group, coupled with turmoil in the housing markets and overall pessimism about the economy, has Congress rushing to microphones to promise a legislative quick fix. Meanwhile, President Bush and the Federal Reserve are being second guessed by liberal economists for not … More