Saturday, December 8, 2007

Hank Paulson is Trapped-2

"When foreclosures rise and are concentrated in particular communities, they begin to have a wider negative impact, driving down property values and undermining the financial stability of neighboring families. ... Bush has called on his administration and the private sector to work together to minimize preventable foreclosures that harm homeowners, neighborhoods and our economy"Hank Paulson (HP) in the WSJ, 7 December.

Wow, now HP is a deity. He can distinguish preventable and non-preventable foreclosures. Did HP recently visit Mount Sinai and get tablets with "the list"? HP's concern with the peasants' neighborhoods and property values is touching. I'll get my crying towel. What does HP mean by "foreclosures that harm ... our economy? Which one don't? How? Who gets hurt? The creditors? This sounds like a rehash of HP's 21 November piece and Peter Wallison's 18 October piece. I wish the WSJ would stop printing this junk. See my 18 October and 21 November posts.

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