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Paul Kiesel
Paul Kiesel
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Bush Embraces Housing Bill, GOP Demands More Time to Review Rescue Package

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A grinning Barney Frank told Politico.com that, “The top financial officials of George Bush’s administration have come before the public and said ‘We’re from the government, and we’re here to help you,'” (Politico.com, 7/15/08). The fact that Frank was grinning means one thing: His bill and Senator Chris Dodd’s housing bills (coming out of the House and Senate respectively) will likely avoid a Bush veto, as long as they make minor provisions to it.

After Treasury Secretary Hank Paulson spoke with Frank over the weekend, the Massachusetts congressman and also the House Financial Services Committee Chairman, feels the bill could move through the House as early as Thursday, much to the chagrin of conservatives, who are now demanding for more time to reexamine the bills.

Interestingly, Senator John McCain continues to voice his newly formed opinion of the housing crisis, a crisis that he felt wasn’t that much of a priority three months ago and one that he felt the government shouldn’t involve themselves with, now agrees with the Democrats housing proposals saying, “I hope that Congress will give them the needed authorization [. . .] These are very difficult times and a time where Americans need confidence. And I hope that these measures will restore some of the necessary confidence in our institutions and preserve the ability of Americans to obtain loans in order to buy a home.”

Actually, because of Senator McCain’s economic adviser, Phil Gramm, and his reckless deregulation bills in the late-1990s to early-2000s, it will now be more difficult for many Americans to purchase a home whether they have good credit or not.

McCain has also been touting his economic plans on his “Straight Talk Express” tour, saying that the government has grown substantially in the past decade and needs to spend less and become smaller, yet he wants the government to intervene (which they should do — they should have done this months ago) in the housing crisis.

At least the Bush Administration is finally getting involved in the housing crisis and hopefully they can continue to work with the Fed and Congress to help the homeowners who were taken advantage of during the subprime boom (see the FBI’s investigation of IndyMac).