President Obama, back on February 18:
“[My plan] will not help speculators who took risky bets on a rising market and bought homes not to live in but to sell. It will not help dishonest lenders who acted irresponsibility, distorting the facts and dismissing the fine print at the expense of buyers who didn’t know better. And it will not reward folks who bought homes they knew from the beginning they would never be able to afford.”
The Washington Post, today:
While the Obama administration initially said it would focus on owner-occupied properties, Fannie Mae and Freddie Mac said they would refinance loans for some second homes and investment properties, too.
You can hear it coming, right? “All statements from Barack Obama come with an expiration date. All of them.”
I noted late yesterday that my liberal readers were happy with the Dow Jones Industrials gaining 149 points yesterday — one credited it to Obama’s Tuesday statement that stocks were a good buy right now — and indeed, it seemed the markets were generally positive in their response to the details of the mortgage rescue plan. (I still think this plan provides a lot of aid for people who took massive, indeed reckless, risks, and effectively punishes those who didn’t.)
Anyway, GM is warning of bankruptcy and the Dow is down 206 as of this moment. Below 6700.
UPDATE: “Market of the Beast:” For a short while, the Dow was bouncing between 6661 and 6669.