Bush, Bernanke pledge help

Washington Times ^ | 9/1/07 | By Patrice Hill

[JohnHuang2]

President Bush and Federal Reserve Chairman Ben S. Bernanke yesterday pledged to help homeowners and businesses hurt by the spreading credit crunch, but said they will not offer a bailout for speculators and lenders who lost money because of poor judgment.

In speeches that were scheduled separately but featured the same conservative philosophy of limited government assistance and noninterference in markets, the two leaders sought to reassure people caught up in stressed housing and credit situations that some help is on the way.

Mr. Bernanke said the Fed, for its part, stands ready to cut interest rates if the deepening housing crisis threatens to sink the broader economy.

Stocks rallied on the show of "tough love," with the Dow Jones Industrial Average gaining 119 points, but the still-stricken credit markets, where loans have all but dried up for lower-rated corporations and non-prime mortgage borrowers, were little moved. Credit analysts said the leaders' stance would do little to prevent sharply rising defaults and an impending wave of as many as 2 million foreclosures in the next two years.

[LachlanMinnesota]

The help is because so many illegals bought sub-prime houses that to pledge help for the little guy is really help for the illegals and their housing.

[SkyPilot]

[4Liberty]

When my bank asks for my ID, I grit my teeth.

These are the same banks that give out loans with ‘no ID or income verification needed.’

IDs? Income proof? — that’s for chumps (read: cash cows, honest U.S. TAXPAYERS.)

bank bail outs are bank welfare

[VxH]

[These are the same banks]

Many, perhaps most, sub-prime loans were not originated by banks.

The leader in sub-prime lending was a private corporation called Ameriquest, which is owned by President Bush’s Ambassador to the Netherlands, Roland Arnall.