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    Why Is the Senate Passing a Bill That Increases Foreclosures and Depresses Home Prices?

    The Heritage Foundation has been raising doubts about the Senate’s efforts to “do something” on the housing crisis for weeks now. With a vote scheduled for 2:15 PM today, it seems the rest of nation is catching on to the fact that the principles in this bill will only increase … More

    Is Anyone Defending This Bill?

    Considering how quickly the Senate is moving on a housing bailout bill (cloture scheduled for 2:15 Tuesday), it is surprising how universally unpopular some of its provisions are. Apparently Senators believe they have to show Americans they can “do something” on housing, but the details of this bill have few … 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

    Five Reasons Why Involuntary Mortgage Rewrites Are Bad Policy

    CQ reports that the Senate is debating “a contentious bankruptcy amendment” to the broad housing bill now under consideration. The amendment sponsored by Sen. Dick Durbin (D-IL) would empower federal judges to unilaterally and arbitrarily re-write mortgage contracts. The Heritage Foundation’s David John identified five reasons why this is disastrous … More

    In the Near Term, Congress Can Only Hurt on Housing

    Covering the current financial turmoil Wednesday CNBC reported: The root structure of the credit crunch stretches wide and deep. Many of the financial instruments involved are complex, unusual and difficult to value. Asset prices remain in a state of flux and the very players that need to be lending are … 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

    Common Sense on Housing

    The pressure on Congress to “do something” on housing appears so great that many members normally inclined to keep Congress out of the housing market, now feel like that have to vote for something. Even if everyone knows some legislation will actually do very little and will only make the … More

    Hope and Irrelevance

    Explaining new Republican support for congressional action on housing, Sen. John Thune (R-SD) admitted to Politico: “You always want to be able to vote for something … Most people want to see us doing something and being responsive.” The “do something” mentality seems to be bipartisan on Capitol Hill as … More

    Don't Let 'Do Something' Become an Excuse for Waste and Risk

    The agreement reached by the Leadership in the Senate to bring housing legislation to the floor is both good news and bad. It is good news in that it is important that Congress be able to move forward with the people’s business. Perpetual deadlock may keep bad things from happening, … More