djc
02-28-2008, 07:25 PM
Treasury Secretary knocks Congress proposals in strongest gov’t objection
WASHINGTON - Treasury Secretary Henry Paulson said Thursday that various proposals being put forward to deal with the U.S. housing crisis would do more harm than good.
While he said the housing correction remains the biggest downside risk to the economy, the problems should be put in perspective. He said that 93 percent of all mortgages are being paid on time and that fewer than 2 percent are in foreclosure.
"So while some in Washington are proposing big interventions, most of the proposals I've seen would do more harm than good," Paulson said in remarks prepared for delivery Thursday night before the Economic Club of Chicago.
"I'm not interested in bailing out investors, lenders and speculators," he said. "I'm focused on solutions targeted at struggling homeowners who want to keep their homes."
http://www.msnbc.msn.com/id/23393034/
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I agree. The D's are too busy trying to drum up more gov't assistance when there is absolutely no need.
WASHINGTON - Treasury Secretary Henry Paulson said Thursday that various proposals being put forward to deal with the U.S. housing crisis would do more harm than good.
While he said the housing correction remains the biggest downside risk to the economy, the problems should be put in perspective. He said that 93 percent of all mortgages are being paid on time and that fewer than 2 percent are in foreclosure.
"So while some in Washington are proposing big interventions, most of the proposals I've seen would do more harm than good," Paulson said in remarks prepared for delivery Thursday night before the Economic Club of Chicago.
"I'm not interested in bailing out investors, lenders and speculators," he said. "I'm focused on solutions targeted at struggling homeowners who want to keep their homes."
http://www.msnbc.msn.com/id/23393034/
---
I agree. The D's are too busy trying to drum up more gov't assistance when there is absolutely no need.