"The Administration has stumbled from one multibillion-dollar expedient to the next with no plan or even a coherent understanding of what is happening.." And what does Bernaeke have to do with anything? Hoffman doesn't offer his plan, his view.
What is happening? What is/was mismanaged? How is it that we allow private companies to write mortgages that are not so much risky as reckless, deceptive and downright fraudulent, then self-rate those mortgages as AAA and sell them to the Fannie and Freddie and then go write more?
What is wrong is that for eight years, beginning when industry started gambling on a Bush win, the business community knew that Bush would not regulate, would not enforce--didn't, and still doesn't. Heck, we saw that with Enron and California.
Bush's international doctrine is "Who needs you? We'll take it all, thankyouverymuch". His domestic doctrine is sort of like "What, me worry?" It's "look the other way, boys."
Bush is in the White House and that means, at the White House, nobody is home. There is no government.
Sep 13 2008 - 12:48pm