Thank God Someone in the MSM Has a Clue

I'm starting to calm down a bit. By the looks of things, Bush's latest mortgage bailout attempt will be limited at best as most of these subprime borrowers will not qualify.

It's just a little song and dance to keep the people distracted while the housing market, as it should, falls off a cliff. In fact, the dance they're doing is 'the running man', an old favourite of mine. Looks like you're running, see? But you're really going nowhere at all.

Quoting Diana Olick, who is paraphrasing Guy Cecala at Inside Mortgage Finance:

"FHA underwriting standards even if loosened somewhat, would still present a problem due to the credit of the subprime borrower. FHA deals with only the very top tier of subprime borrowers."

But we still must remain ever vigilant that this 'FHA Secure' program is not the Trojan Horse that, once in place, can have its standards dropped to the floor to bailout the morons and sheisters of the world.