Proposals From the Stump - washingtonpost.com:
The race for president has a hot new issue: what to do about the economy's credit crunch. And the candidates, as usual, do not agree.
Former senator John Edwards (D-N.C.) wants to allow homeowners to shed "excessive mortgage debt in bankruptcy" and create a large Home Rescue Fund to help prevent foreclosures.
Sen. John McCain (R-Ariz.), on the other hand, is eager to avoid a broad and potentially expensive bailout and to target for assistance only the borrowers who have been taken advantage of by lenders.
In recent weeks, the markets for home mortgages and other types of debt have frozen, and millions of homeowners have begun to worry that they will not be able to make their monthly payments. Securities markets have swung wildly as a result, and financial regulators have scrambled to calm both homeowners and investors.
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Why Edwards and McCain only? I'm sure the big mouths of both parties have something to say.
What's your opinion? Is this the big one that will make 1929 look like short term reversal?
Posted by: Catmoves | Thursday, August 23, 2007 at 01:07 PM