I wonder who in the economic advisers in George W Bush's administration came up with this idea of coming to the rescue of the subprime mortgage crisis, by selecting picking a subset of reckless (or stupid) subprime mortgage borrowers, then forcing on investors to the securities that were backed by these mortgages to help these borrowers out by reneg'ing the terms and fixing the low teaser rates for another five years.
Critics abound on the Bush rescue. Even five-year-olds would know all too well, if you do wrong things, you suffer consequences. But in the name of politics, these people got bailed out, and those who have been prudent in not taking on excessive debts and who might have sat on the side line to wait for the market to correct in order to buy, are the real ones who get punished. This is not to mention those unknowing investors who bought in these supposedly AAA-rated securities, only to realize they might not get even a fraction of its worth back.
And this is what Bush, the "great GOP leader" who rushed to make headline-graping proclamations like, "Mission Accomplished!" and "Ownership Nation."
And this is what Bush would do to those people, who heed his call to buy properties without having the means.
And this is another mess that Bush would defer to his successor (no matter it's a Dem or GOP), to have a "rescue" of such kind, and to delay the pain for another five years, instead of having the market correction to take place now.
It's ridiculous.
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