A Few Quick Political Things
I am glad to see the House pass the Barney Frank housing relief bill. This is the best bill for the housing crisis I have seen, much better than the solution I cam up with back in August (and we all know how conceited I am about my own ideas). I do not have time for a detailed post (hopefully later). Briefly, the bill allows homeowners to refinance with FHA insured loans, but based on current value rather than purchase value. Lenders will receive 85% of the current value of the home but will be secured against any subsequent losses. Interest rates will be reset by FHA to fixed rates.
I also direct a nod to E.J. Dionne Jr.'s column in today's Washpo. The recent triumph of Democrat Don Cazayoux ina House special election in what had been solidly Republican Cajun country tells us a good deal about the temper of the Republican base and the probability of success of Rove-ian tactics in the fall. The power of such tactics is waning considerably, and Democrats would do well to consider this fact when weighing Clinton's argument against Obama.( Collapse )