Who would have thought that GWB was going to be cast as the smart one in the sub-prime meltdown? I sure didn't, but just as the do nothing Congress gets off its preverbal ass to do something, the wrong thing, W is there waiting to slap them down.
At yesterday's White House briefing, Spokeswoman Dana Perino gave the bill an emphatic thumbs down, saying it would be counterproductive, do more harm than good, and not be supported by the President.
"The bill will likely do more harm than good by bailing out lenders and speculators, and passing on costs to other Americans who play by the rules and honor their mortgage debt obligations."
While I have been an epic critic of GWB and the Fed, for once I find myself on the same side of the fence with him. It surely can't last long, but for now, I am enjoy a return to the dark side, my Republican roots, that W has worked so hard for the last 7 years to kill off. While they were almost dead, Clinton and Obama (who I was actually close to endorsing) managed to resuscitate them in one short sentence each, affirming their support for an individual homeowner bail out.
Now if the Fed would just get themselves an equity stake with the stealth banking bail out thats going on right now, all would be right in the world.