Bush has proposals for mortgage crisis.

The question is who is he paying off with this? Is it poll driven or contributor driven?

Dean Baker has some good analysis.

Basically, his plan is to allow poor people to get even further over their heads by waiving the 3% FHA equity requirement, and to forgive the taxes on the forgiven debts that are foreclosure, which benefits the richest families (higher tax bracket) more than the poor ones.

There is also the inevitable jawboning about going after bad players in the market.

Bush and His Evil Minions^™ have a good record on going after evil doers. Where’s Osama bin Laden again?

So, it will make things worse, and benefit the rich….Any Questions?