Home Page : The Bush Boom : How a Misunderestimated President Saved a Broken Mortgage Market
How a Misunderestimated President Saved a Broken Mortgage Market
I just got off a conference call with the White House, and I’m very happy. Last August, I published an article here on Townhall called “A Presidential Moment” in which I said that Fed rate cuts, though a step in the right direction, would not be enough to fix our dysfunctional credit markets. Government regulation and Greenspan’s Fed mismanagement had done too much damage and the president was going to have to lead. I didn’t want him to bail anybody out, or tear up people’s mortgage contracts; I just wanted him to get the right private sector leaders in the same room where they could hash out a plan. When the plan, was finished, I wanted the president to use his bully pulpit to tell the world – borrowers, lenders, investors and citizens – what the plan was.
