Bush threatens to veto foreclosure bill

In the face of a veto, the House passed a housing aid bill aimed at helping 500,000 borrowers over five years.  Bush has threatened to veto the bill and the White House calls it a burdensome bailout that would open taxpayers to inappropriate risk.

We can certainly all see the humor in that statement, given all the risk this Administration has subjected America to in the last seven years, but I digress.

I had the opportunity to participate in a town meeting this week where constituents came and listened to public/private folks speak about the foreclosure crisis.  It would have been impossible not to notice that nearly all the attendees were people of color, ranging from grandmothers to babies and all ages in between.  These folks were scared; scared of what's happening to their neighborhoods, of the rise in vandalism and crime, of making ends meet and about being on the brink.  These hard working decent community members were looking to their leaders for support, for someone to tell them it's going to be okay.  And while the mood was relatively positive, no one could make those assurances. No one could tell folks exactly how they could survive what is happening and what is yet to come. When entire cities are filing for bankruptcy and entire states are in crisis we must wonder: how far can this go? 

So the attendees went home to their neighborhoods, with houses next door that have boards on the windows, to rising gas and food costs and they will continue to hope like we all continue to hope that someone will figure out a way to get us through.  And I for one am exhausted at my relentless preoccupation in looking for someone who can actually lead our country through.

Jen also preoccupies herself over at one plus two.

Comments

[cynematic]

Yep, not everybody was an unscrupulous flipper who'll be unfairly bailed out. Plenty were, but many were not. Did some people not understand the terms well enough? Yes. Were some people deliberately misled? Yes.

I guess Bush says bailouts are okay for multi-kazillion dollar banks, but not for taxpayers. I know it's not that easy because if banks weren't bailed out, they could take down much of the economy with them.

But still. Mostly, I just want to punch George Bush.

[Debbie]

Okay, GROSS. (I'm referring to the speculating that was done by that Citrine fella from The O.C. in the nineties that lost the county 1.64 million dollars and they had to file. THE. O.C. what the crap?)

and -- yeah. I'm so sick of waste and liars and fraud and Bush and omg I am so disturbed for these people whose situations are just growing more precarious by the day.

thanks for another awesome post, Jen, babe.

[PunditMom]

That's the "family friendly" Bush administration for you. I really don't see how he sleeps at night.

[PunditMom]

They were OK with bailing out BearStearns, but not homeowners??